Carry out business activity and instalment activity statement tasks

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1 A Step by Step Approach to Carrying out BAS and IAS Tasks using MYOB Accounting Plus v18 Copyright Notice: Copyright 2008 Marian Brown. All rights reserved. No part of this material may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying or by information retrieval systems) without permission in writing from Marian Brown. Written by: Marian Brown Dip T [Commerce], MICB Cert IV Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 14 years MYOB Accredited Author, MYOB Publisher, MYOB Accredited Trainer MBS Training Services Pty Ltd sales@mbsts.com.au Publishers: Software Publications Pty Ltd [ABN ] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN Revised Edition 19 March 2010 FNSBKPG404A Carry out business activity and instalment activity statement tasks I would like to thank Di Wells of Hervey Bay TAFE and Greg Hilder CPA for their support and checking information and procedures throughout this book. Thank you very much. Copyright Marian Brown 2008 A STEP-BY-STEP APPROACH TO CARRYING OUT BAS and IAS TASKS USING MYOB v18 Table of Contents

2 Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB Accounting, MYOB Accounting Plus, MYOB BusinessBasics, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M- Powered Bank Statements, MYOB M-Powered Invoices, MYOB M-Powered MoneyController, MYOB M-Powered Payments, MYOB ODBC Direct, MYOB PowerPay, MYOB Premier and MYOB Premier Enterprise are registered trademarks or trademarks of MYOB Technology Pty Ltd and their use is prohibited without prior consent. Ceedata, Solution 6 MAS and Xlon are registered trademarks or trademarks of Solution 6 Holdings Limited, a member of the MYOB group. Bpay is a registered trademark of Bpay Pty Ltd, ABN MasterCard is a registered trademark of MasterCard International Inc. Microsoft, Access, Excel, Internet Explorer, Office, Outlook, Smart Tags, Windows and Word are registered trademarks or trademarks of Microsoft Corporation in the United States or other countries. VISA is a registered trademark of Visa International Service Association. Other products mentioned may be service marks, trademarks or registered trademarks of their respective owners. Screen captures from MYOB Accounting Plus v18 reproduced with permission. Limitations of Liability: This material is designed to provide basic information on how to use MYOB Accounting/Accounting Plus v18. Because business circumstances can vary greatly, the material is not designed to provide specific GST or business advice for particular circumstances. Also, because aspects of the GST are complex and detailed, the material is not designed to comprehensively cover all aspects of the GST. Further, the laws implementing GST and rulings and decisions under those laws may change. Before you rely on this material for any important matter for your business, you should make your own enquiries about whether the material is relevant and still current, and whether it deals accurately and completely with that particular matter; and as appropriate, seek your own professional advice relevant to that particular matter. This information is for the general information of MYOB clients and is not to be taken as a substitute for specific advice. Consequently Marian Brown will accept no responsibility to any person who acts on information herein without consultation with Marian Brown. The information in this book is relevant to MYOB Accounting Plus v18. Earlier or later versions of MYOB software could change the instructions in this workbook. References to websites may also change owing to the changing nature of this type of information. Table of Contents - A STEP-BY-STEP APPROACH TO CARRYING OUT BAS AND IAS TASKS USING MYOB v18 Copyright Marian Brown 2008

3 Unit 6 Entering GST transactions in MYOB Accounting In this Unit you will: Account for payments where GST does not equal 1/11th Pay an account for GST only Round the GST amount Enter the receipt of a Recipient Created Tax Invoice where expenses have been deducted Key in a sale including GST amount Enter payment for entertainment expenses Write account off as a bad debt Account for private use when the bill is paid Account for private use at the end of the quarter Enter the purchase of an asset with GST Enter the purchase of an asset [as a going concern] Enter the payment of invoice from supplier not registered for GST Enter the payment of invoice from supplier with no ABN Account for Hire Purchase agreement and payment Account for Premium Funding arrangement and payment Account for Chattel Mortgage agreement and payment Account for Fuel Tax Credit Enter the sale of an Asset View GST reports Copyright Marian Brown 2008 CARRYING OUT BAS and IAS TASKS using MYOB Accounting Plus v18 Unit 6 53

4 Getting Started In Unit 1 you copied the following file to your working directory. Version 18 BASUnit518.MYO In this unit, you will learn how to enter the not-so-straight-forward transactions on page 53. Viewing Accounts List The file you are working in belongs to Brown s Enterprises. It runs a Copy Centre but also owns a Flower Farm and house for Residential Rent. [Yes, all in the one file just so that you can enter a variety of entries.] (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Open the above data file using the Student Edition of MYOB Accounting Plus v18. Sign on as Administrator with no password. View the Accounts List used by the enterprise. In particular take note of the default tax codes assigned to the accounts. In this unit you will use the current month as the month for entering transactions. PLEASE USE THE SAME MONTH THROUGHOUT THE WORKBOOK. In Setup, Company Information make sure the file you are using is in the current financial year ie if the month you are using is April 2009, then the financial year should be 2009 or if the month you are using is November 2009, then the financial year should be If the current financial year is not correct, start a New Financial Year to roll your file to the correct financial year. If you are working in an educational environment, change the name of the company to [Your Name] Enterprises so that your printouts can be identified. The business is reporting GST on a CASH BASIS, however you will view cash and accrual reports in this unit. Have fun entering the following not-so-straight-forward GST entries. 54 Unit 6 - CARRYING OUT BAS AND IAS TASKS using MYOB Accounting Plus v18 Copyright Marian Brown 2008

5 Accounting for payment where GST is not equal to 1/11 th of the Total Amount Cheque No: 1 Date: Current date Pay: Australia Post Postage [within Australia + International] Amount inc GST: $ Amount of GST included: $25.00 This cheque pays the postage bill and includes $25 GST ie Postage bill {including GST} = $25 x 11 = $ plus International postage bill {GST-Free} = $355 - $275 = $80.00 Enter the above transaction in Banking, Spend Money like this: Record the transaction. Note: You could also deselect Tax Inclusive and enter 25x10 = 250 with GST. Remaining amount will be GST free. You can use this concept whenever the GST amount is not equal to the total invoice amount. Copyright Marian Brown 2008 CARRYING OUT BAS and IAS TASKS using MYOB Accounting Plus v18 Unit 6 55

6 Paying an Account for GST only Cheque No: 2 Date: Current date Pay: A Landlord Pty Ltd GST Amount which has not been charged. Amount of cheque: $89.00 A Landlord did not charge GST on the Lease at the end of the previous month. The Lease for the previous month has been paid [N-T Tax Code used], however the GST had not been charged. An account has been forwarded for $89.00 for GST not charged. Enter the above transaction like this. To enter this transaction select Tax EXCLUSIVE. Rent A/c has already been debited with $890 when account was paid without GST. N-T code should have been used. Record the above transaction. 56 Unit 6 - CARRYING OUT BAS AND IAS TASKS using MYOB Accounting Plus v18 Copyright Marian Brown 2008

7 Rounding the GST amount ` You have received the following Tax Invoice. SDS Supplies ABN: TAX Invoice 342 Address Current Date To: Business Name and Address 9 reams Paper $5.36 $ boxes CD $7.74 $61.92 Sub-Total excluding GST $ % GST Total including GST $ In Purchases key in the above Tax Invoice like this. Tax Invoice received is GST EXCLUSIVE. You will notice that your bottom line [$121.18] does not equal the Tax Invoice bottom line [$121.17] because of the difference in rounding. You must correct the amount of GST so that the bottom line is the same. (i) Click on the Tax zoom arrow [] and change the amount of tax like this: [You will receive a warning. CLICK on OK.] Note: Use the to make 1c /2c changes ONLY. (ii) (ii) (iii) Click on OK. The bottom line now matches. Record the invoice. Copyright Marian Brown 2008 CARRYING OUT BAS and IAS TASKS using MYOB Accounting Plus v18 Unit 6 57

8 Entering the receipt of a Cheque together with a Recipient Created Tax Invoice and Tax Invoice The business grows Native Flowers and received the following Recipient Created Tax Invoice, Tax Invoice and a cheque for the net amount. What is a recipient created tax invoice? A recipient created tax invoice (RCTI) is a tax invoice that is issued by the recipient of the goods and/or services rather than the supplier. RCTIs can only be issued by a recipient if: the recipient and the supplier are both registered for GST the sales for which the recipient can issue a RCTI are agreed to in writing by the recipient and the supplier, the agreement is current and effective when the RCTI is issued, and the goods or services being sold under the agreement are of the type that the ATO have determined can be invoiced using RCTIs. Fabulous Plants Recipient Created TAX Invoice Current Date Brown s Enterprises ABN: bunches flowering gums inc GST $ TAX INVOICE - Expenses: Commission inc GST $55.00 AQIS Levy [GST-Free] $11.00 Cartage inc GST $11.00 Total Expenses including GST $77.00 Cheque enclosed for $ What is a valid RCTI? To be valid, a RCTI must contain: the words recipient created tax invoice stated prominently. Terms such as total price includes GST or similar wording are not sufficient for invoices for both taxable sales and either a GST-free or input taxed sales. Legislative determinations have been made about the types of sales of goods or services that can be invoiced using RCTIs. For more information see: GSTR 2000/10 Goods and services tax: recipient created tax invoices To enter the above, you will use the NIG and NIF Tax Codes. To view how these codes have been set up: (i) (ii) (iii) Select Lists in the Menu Bar. Select Tax Codes. Click on to the left of NIG Tax Code to view how this code is set up. Your window will look like this: Notice that Tax Collected is linked to GST Paid and Tax Paid is linked to GST Collected. This code could also be linked to a Misallocation A/c. 58 Unit 6 - CARRYING OUT BAS AND IAS TASKS using MYOB Accounting Plus v18 Copyright Marian Brown 2008

9 (iv) (v) (vi) View the set up of the NIF Tax Code. Return to the Command Centre. In Banking, Receive Money, key in the entry like this. (vii) To view transaction details, select Edit in the Menu Bar, then select Recap Transaction. Your window will look like this. The correct amount of GST Collected and GST Paid has been accounted for. (viii) (ix) Click on OK to return to your Receive Money window. Record the deposit. [You could have also used a Sales Invoice with deductions same method used.] Copyright Marian Brown 2008 CARRYING OUT BAS and IAS TASKS using MYOB Accounting Plus v18 Unit 6 59

10 (x) In Reports, GST/Sales Tax, display your GST [Detail Cash] report for the month. Your Print Preview report should look like this. Note the following: (a) Note how the Flower Selling expenses have been entered. (b) When completing the Calculation Worksheet in BASLink, you need to link the NIG [S] code and NIF [S] to the G11 field so that the expenses are shown in Purchases not Sales by clicking on the Setup button for the G11 field and placing a cross next to the NIG and NIF tax code. [Note S next to the tax code to indicate that this tax code was used in a sale.] You will carry out the above procedure on Page 148. Return to the Command Centre. 60 Unit 6 - CARRYING OUT BAS AND IAS TASKS using MYOB Accounting Plus v18 Copyright Marian Brown 2008