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GST Accrual

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Contributing Cover User evolution
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evolution
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GST Accrual

Hi,

 

I have chosen GST Invoice (accural in our set up) but when I run my GST report it always defaults to CASH.  How do I fix this?  I want it to default to Accrual,otherwise I risk running an incorrect report,  I'm worried if I foget to manually change it then our GST is incorrectly calculated.

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Super Partner TallBooks
236 Posts
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TallBooks
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Accepted Solution Solved Solution

Re: GST Accrual

Hi @evolution

 

At moment there isn't an option to default that yet in Essentials as there are no custom reports, this is worth posting on the ideas exchange.

 

Most Essentials Accounting users operate with a cash basis system for GST so this will just need to be changed manually sorry.

Kind Regards

Samuel Burmeister
Tall Books - Certified MYOB Partner
Training, Set-up & Small Business Bookkeeping
info@tallbooks.com.au
www.tallbooks.com.au
Ultimate Partner DuncanS
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DuncanS
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Re: GST Accrual

@evolution @TallBooks

 

Rachel,

 

I have never used MYOB BASLink to lodge a BAS.

 

Some clients have the Business Portal otherwise I use the Tax Agent Portal to lodge.

I understand that the Business Owner gets another 2 weeks to lodge ie 8 weeks if lodged electronically by a BAS or Tax Agent.

 

Maybe Samuel can explain to me the ATO extensions if MYOB BASLink is used to lodge a BAS.

 

You prefer the Non-Cash method and so do I - have attached my GST Checklist.

 

May business be good.

 

Duncan

 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Super Partner TallBooks
236 Posts
Super Partner
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TallBooks
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236Posts

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Re: GST Accrual

Hi @DuncanS

 

BASLink is only available in AccountRight and is basically a replica of the calculation worksheet and BAS statement provided by the ATO.

 

It allows you to link in the GST codes relevant to each field and then the client would use this data to lodge online or manually lodge. BASLink does not allow upload to the portal.

 

BAS lodgement through MYOB AccountRight/Essentials inbuilt is coming but now yet here.

Kind Regards

Samuel Burmeister
Tall Books - Certified MYOB Partner
Training, Set-up & Small Business Bookkeeping
info@tallbooks.com.au
www.tallbooks.com.au
Ultimate Partner DuncanS
1,693 Posts
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Australia
DuncanS
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Re: GST Accrual

@TallBooks

 

Samuel,

 

I understand that you are a MYOB Expert.

 

Could you please help with what Checks and Balances MYOB have built into the GST or Payroll calculations where the software calculates the figures for a BAS or IAS.

 

My posts on the Community would always suggest that any GST or Payroll Reports used to prepare a BAS or IAS would be checked to the GST accounts on the Balance Sheet.

 

You will see from my Checklist that my Checks and Balances are robust.

The Checklist could be updated for Backup procedures where the file is held solely in the Cloud.

 

All the Best.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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