Reconciling GST and Preparing your BAS. Webinar

Transcription

1 Reconciling GST and Preparing your BAS Webinar

2 INTRODUCTION

3 INTRODUCTION Webinar manual Specific learning objectives Cover new concepts using PowerPoint and MYOB AccountRight demonstrations Questions are encouraged!

4 Learning Objectives

5 LEARNING OBJECTIVES Setting up your company file for GST Assigning GST tax codes to accounts, items & cards Reconciling GST through the Company Data Auditor Setting Up BASlink Completing your Business Activity Statement Lock your company file Note: GST (Goods and Services Tax) BAS (Business Activity Statement) ATO (Australian Taxation Office)

6 ASSIGNING TAX CODES

7 TAX INCLUSIVE OR TAX EXCLUSIVE Inclusive divide the price by 11 For example: GST inclusive price / 11 $1100 / 11 = $100 Page 4

8 TAX INCLUSIVE OR TAX EXCLUSIVE Exclusive - multiply the ex-gst price by 0.10 For example: GST exclusive price x 0.10 $1000 x 0.10 = $100 Page 5

9 ASSIGN DEFAULT TAX CODES Accounts list Customer/ Supplier cards Inventory/ Items List

10 ASSIGNING TAX CODES TO ACCOUNTS Accounts > Accounts List > Account > Details

11 ASSIGNING TAX CODES TO ITEMS Inventory > Items List > Item > Buying Details

12 ASSIGNING TAX CODES TO ITEMS Inventory > Items List > Item > Selling Details

13 ASSIGNING TAX CODES TO CARDS Card File > Cards List > Customers > Selling Details

14 Checklist for entering transactions Page 7 Every transaction must have a correct tax code Determine whether the transaction is tax inclusive or exclusive Do not use the tax arrow to adjust your tax amount, use multiple line items to show different tax codes Use the original tax codes for adjustments Ensure that the GST Free (FRE) and Not Reportable transactions (N-T) tax codes are used appropriately Do not post directly to control accounts, such as Trade Debtors, Trade Creditors, Inventory or GST liability accounts

15 RECONCILING GST Review Reports Company Data Auditor

16 Review your BAS-related reports Transaction Tax Codes Tax Code Exceptions Tax Amount Variance GST Summary Tax Information Reconciliation Page 8

17 Reconcile tax information Identify and correct 1. Tax amount exceptions for sales and purchases transactions 2. Tax code exceptions for cash and invoice transactions 3. Out-of-balance amounts reported on the Tax Information Reconciliation report if using the accrual accounting method

18 Demonstration Reconcile tax information

19

20 PREPARING YOUR BAS

21 SIMPLIFY BAS REPORTING WITH BASLINK BAS Information G fields T fields W fields F fields Page 20

22 Completing the Business Activity Statement 1. Start BASlink 2. Complete GST Worksheet 3. Complete Front Sheet 4. Complete Back Sheet 5. Finalise your BAS Page 22

23 Demonstration Simplify BAS Reporting with BASlink

24 COMPARE BAS LABELS TO REPORTS Compare figures for G9 and G20 Page 40

25 CHECK BAS LABELS TO REPORTS Compare figures for W1 and W2 Page 40

26 CHECK BAS LABELS TO REPORTS Compare figures for T1 Page 40

27 FINALISE YOUR BAS

28 Finalise your BAS 1. Compare to company file reports 2. Check Business Activity Statement for errors 3. Print completed activity statement 4. Print sample transaction 5. Print audit report 6. Save setup and do backup of BAS data

29 Demonstration Finalise your BAS

30 RECORDING THE ATO PAYMENT Page 44

31 LOCK YOUR FILE Page 45

32 IF YOUR FILE IS ONLINE WITH ACCOUNTRIGHT LIVE

33 INVITE YOUR ACCOUNTANT TO ACCESS YOUR ONLINE COMPANY FILE

34 MORE INFORMATION MYOB.COM.AU myob.com.au/arlive

35 CONCLUSION Setting up your company file for GST Assigning GST tax codes to accounts, items & cards Reconciling GST through the Company Data Auditor Setting Up BASlink Completing your Business Activity Statement Lock your company file

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