Completing your BAS from MYOB Essentials

MYOB Moderator Merrin
211 Posts
MYOB Moderator
Merrin
MYOB Moderator

230Posts

102Kudos

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BAS time in Australia always seems to roll around faster than you’d like. If you lodge your BAS quarterly, your first BAS for 2014/2015 is due on 28 October.

 

Your due date is written on the top of your BAS, and listed in your MYOB Essentials GST Settings. The ATO website also has a helpful guide to lodgement dates on their website.

 

MYOB Essentials makes it really easy to get the information to complete your BAS.

 

Setting up GST reporting in MYOB Essentials

Use the GST settings page to set up the way MYOB Essentials deals with your GST.

 

GST_settings.png

 

You should confirm the following with your accountant or MYOB consultant before setting up your GST reporting:

  • when you report your BAS (quarterly or monthly),
  • what you need to report (GST, PAYG instalments, FBT considerations), and
  • whether you report Cash or Accruals (that’s basically whether you report GST to the ATO when you make
    a sale - Accrual, or when you actually get paid for the sale - Cash).

After you’ve set up your GST reporting, each time you need to complete a BAS, you can simply run the GST Report for Activity Statement. This report displays totals for your GST and sales ready for you to copy directly into the fields in your BAS form.

 

GST_report.png

So, in the example here, you enter $55.00 at the G4 field.

 

Filling in the W fields in your BAS

You’ll need to complete the W fields in your BAS to report any amounts withheld for PAYG.

From the payroll reports section, select Payroll Summary and Details.

 

payroll_reports_screen.png

 

Enter the dates for your BAS report and click Summary report.

 

From the report, enter the total of the Gross column in the W1 field, and enter the total of the PAYG column in the W2 field.

 

payroll_report.png

 

The W4 field is where you can record amounts you’ve withheld from suppliers for not providing an ABN.

The W3 field is for other amounts you’ve withheld not covered by W2 or W4. You can find out more about these on the ATO website.

 

Most people find they don’t need to report anything at W3 and W4.

 

The W5 field is the sum of W2, W3 and W4, so you may find that you enter the same figure at W2 and W5.

Remember to also write the amount from W5 at 4 in the Summary section of the BAS.

 

Lodging your BAS

The ATO gives you options to lodge your BAS electronically through the Business Portal. Lodging electronically may give you extra time to lodge and pay your BAS. Find out more on the ATO website.

 

Common GST mistakes in BAS reporting

If you can’t figure out where you’ve gone wrong with some BAS reporting, this blog post by Amanda Hoffman, founder of My Office Books and registered BAS agent may just sort you out.

15 Comments
Experienced Cover User Fizzkid
35 Posts
Experienced Cover User

And what about electronic submission from the software.  It's not rocket science!

MYOB Moderator Merrin
211 Posts
MYOB Moderator

Hi Mike (@Fizzkid),

 

Thanks for dropping me a line here, and for being such a vocal champion of electronic submission to the ATO. It's a great idea, and one that I'd love to see implemented too. I see there are a few posts that you've added your voice to.

 

As you know we use a combination of the feedback from blogs, the community forum and our in product suveys to help us decide what we focus on for development next, and a quick look at the top ideas tab will give you some idea of just how varied the feedback and voting is. 

 

We're in the process of locking in our plans for 2015, and all the feedback about SBR and lodging electronically is being well and truly heard and considered, along with the rest of the top ideas.

 

So, thanks for the feedback. We do value it.

 

Merrin

 

 

 

  

gold-coast
1 Post
User

Am i missing something here?

 

If i dowload the quartley BAS form from MYOB, the file isn't supported by the ATO's file transfer.

 

 

MYOB Moderator Merrin
211 Posts
MYOB Moderator

Hi @gold-coast,

 

Thanks for dropping us a line on the blog.

 

Just to clarify, there isn't a way to download a BAS form from MYOB Essentials. As described in the post, you generate the GST for Activity Statements report, which gives you the figures you need to fill in on your BAS, and the field to enter the amount.

 

You can then lodge your completed BAS with the ATO either electronically through the ATO portal, or by mail.

 

Thanks,

Merrin

 

 

Belinda123
6 Posts
Cover User

What I would like to know is how to record the BAS payment that had been paid to the ATO.  I can't seem to find the information that I need for this.

 

Thank you.

MYOB Moderator Emile
749 Posts
MYOB Moderator

Hi @Belinda123 

 

This Support Note can assist you with recording ATO payments or credits in MYOB Essentials.

MYOB Essentials Accounting - recording an ATO payment or credit

Belinda123
6 Posts
Cover User

I saw this and tried to do it this way but couldn't apply a negative amount.  

 

I was also accessing it via the dashboard through the allocation process (via the bank feed)

 

Any hints or ideas for this?

MYOB Moderator Merrin
211 Posts
MYOB Moderator

Hi @Belinda123 

 

If you've already made the payment to ATO and are trying to create the transaction from the bank feed, then you can't enter a negative amount. (Bummer, I know).

 

The best way to handle this is:

 

  • follow the support note instructions from Emile to record a spend money transaction. (You can record negative amounts in spend money transactions)
  • When you return to your bank feed, you should get a suggested match option for the ATO payment. 
  • Click the name of the transaction in the Description column (not the allocate or match column) and you'll get a window like below:

 

match ATO payment.png

 

Now just select the Match checkbox then click Save.

 

Let me know if any of that doesn't make sense.

 

Hope that helps,

Merrin

Belinda123
6 Posts
Cover User

Perfect, thankyou.  This was what I was after.

Tibs
3 Posts
Cover User

I find it extremely annoying that if you want to generate your quarterly GST summary for your BAS it automatically sets the date for the current quarter, not the previous one.

It does not make sense at all! I always have to set manually the dates.

Once I set the wrong dates and as a result I had to do a revision months later. 

 

The user should also have the ability to select time range by quarter instead of fiddling with the time range.

MYOB Moderator Merrin
211 Posts
MYOB Moderator

Hi @Tibs,

 

Thanks for dropping us a line with your feedback about the dates in the GST summary report. I'll pass your handy suggestion on to the dev team.

 

Cheers,

Merrin

Weegs
1 Post
User

Not sure if I am doing something wrong or misreading my reports but I have done the GST report for the BAS and the figure for GST Paid does not equal the total of the GST I have paid when adding all the GST amounts for the quarter in my Profit and Loss. Both reports are operating on a Cash basis. I only noticed this last quarter but have gone back and done the same exersice for previous quarters with the same problem. Am I missing something here?

MYOB Moderator Liam_M
1,796 Posts
MYOB Moderator

Hello @Weegs 

 

The profit and loss report shows income, cost of sales and expenses without including the GST value. Also if any amount has been allocated to an income, cost of sales or expense account, and hasn't had a tax rate other than GST it will appear in your profit and loss, but won't contribute to your GST sales. Also if any amount sale or purchase amount does have GST, but hasn't been allocated to an income, cost of sales or expense account (if it's been allocated to an asset, liability or equity account) then it won't appear on your profit and loss, but will contribute to your GST.

 

For these reasons there may be differences between your GST reports and your profit and loss. Your GST reports will show you the GST you owe, while the profit and loss may not.

BB352
2 Posts
User

I have recently changed over from Accouunt Edge to Essentials.  Account Edge used to calculate the PAYG Instalment Income (T1 on the statement).

 

This doesn't happen in essentials ? so could you tell me how to get this information

 

Thanks

MYOB Moderator Liam_M
1,796 Posts
MYOB Moderator

Hello @BB352

 

You can manually calculate the figure for PAYG Installment Income from the figures on our profit and loss report for the relevant period.

You can find information regarding what amounts to include on the ATO's website.