Accrual GST on Balance Sheet to Cash Basis on GST 101

Chris

I'm on Reckon hosted and have the above reconciliation set up by my consultant but does not balance.  I enter the AP, AR and gst control figures from the balance sheet .Where should I start to look? Thanks

John G

Hi Chris,

Thanks for asking.

I'm a little confused by your post and I would appreciate you clarifying further what you are trying to do.  

Reckon Accounts Hosted does produce the GST101 figures (Reports > Tax > GST101), according to your preferred settings - Accural or Cash basis.  

If you are preparing your GST 101 manually and on a Cash basis, make sure the reports you are sourcing the information are on a Cash basis; and vice-versa.



regards,
John.

Chris

Hi John, thanks for your reply.  Are you aware of the reconciliation to balance the gst?

I run the balance sheet on accrual basis otherwise figures are no where near right. I am filing on a cash basis. I enter in the AR, AP and gst control for the month, it works out the gst amounts on both AR & AP and the difference is between this and the gst payable from the GST101 (cash basis).  Most months it is a matter of cents, but gradually has been creeping up to a few dollars and this month over $100 out.

Regards

Chris

John G

Thanks for the added info Chris.

Unfortunately I am in no position to comment on the Accounting procedure you are using, and it will be best for a fellow NZ user to comment.  You can if you wish seek the opinion of an Accredited Consultant who is familiar with business and accounting practices.  You can find a list here.

I am concerned that you are sourcing figures from one Accrual-based report and comparing the result to another Cash-based report.  There will be differences, and a varying difference depending on a number of factors.   


Hope this helps.


regards,
John