Spend Money/Receive Money: Indicate how you wish transaction to be displayed for GST
Currently, in Spend Money/Receive Money, there is no option to choose which side of the BAS (GST Collected vs GST Paid) the transaction should be reported oni.e.. if its Spend Money = GST Paid and Receive Money = GST Collected. Most of the time, this is the correct treatment, However there are often situations where this is not the case. For example if you receive a refund for a purchase (say a new computer that originally was paid via Spend Money, hence you use Receive Money to record the refund), then it will incorrectly report on the BAS under GST collected, when it should be a reduction in input tax credits. General journal have the toggle button to be able to choose which side of the BAS the transaction should be reported on. Why does Spend/Receive money not have this toggle feature also? The default should obviously be Spend Money= Purchases, Receive Money= Sales, however there should be option to change the GST reporting side if/when needed.I understand there is a work around involving additional tax codes, but I think this just complicates a simple process. Does anyone agree? Share your thoughts. "Spend/Receive Money may incorrectly be reported on the BAS"6.4KViews14likes8CommentsBAS Articles to get your BAS sorted
Hi Everyone As it is drawing close to BAS due date, we thought we would share some of our Help Articles on BAS to aid you in that process. The new AccountRight range allows for the user to prepare their BAS online and file it directly with the ATO online. Our Help Article Prepare your activity statement onlinewould be able to assist with that process. Wish to prepare it locally? Help Article:Prepare your activity statement manually For those clients on the AccountRight Classic range, we do recommend taking a look at the following Help Articles and Support Notes: Lodge your activity statement (BAS or IAS),Checking your BAS prior to lodgement & BASLink FAQs We hope you find these resources useful. As per always, if you are still requiring assistance don't hesitate to post on this Forum.3.2KViews0likes0CommentsBank transactions: Allocating with negative lines
When entering a BAS payment, the bank fees do not allow an allocation of negative number to be entered. Live a/c's requires a spend/receive money transacton to be entered and then matched to bank transaction. Wouldn't it be easier and more efficient just to allow negative number to be recorded? This function is available in the Banklink program via a 'dissect' function. When entering a spend/receive money transaction, I need to remember the date of the transaction, which bank to 'Pay From' then the actual numbers and accounts. Seems very inefficient and unnecessary when a simple allocation can take place in the bank feed. "Allocating negative numbers in bank feed transactions"2.8KViews0likes3CommentsBAS entry and ATO repayments
We owe the ATO and are paying it off every month. The statement I just received has the fuel tax credit as a credit into the account, therefore reducing our overall debt with them. I've started a liablity account called 'payments to the ATO' to keep track of the repayments and interest. My question is...how do I record the fuel tax credit and possibly the pay as you go tax withheld and gst as debits into this account. I appreciate your response. Thank you.Solved2.1KViews0likes3CommentsBAS/IAS not connecting to ATO
I have been getting the following message when trying to lodge my BAS online for the last 3 days. "We can't get in touch with the ATO right now, so we haven't created any new activity statements for you. This may also affect your ability to edit or lodge forms. Please try again later"Solved827Views0likes1Comment