Accrual GST on Balance Sheet to Cash Basis on GST 101
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Chris_7677427
Member Posts: 16 ✭
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
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Comments
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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.
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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
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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
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