Help to Reconcile Tax Payable Account to ATO summary Statement

[Deleted User]
[Deleted User] Posts: 2 Novice Member Novice Member
edited October 2024 in Reckon Accounts (Desktop)

Hi there.

I'm trying to balance my ATO summary (downloaded from ATO portal) to my tax payable account. I'm doing it for previous years as I'm behind in my tax returns (please be kind). I'm working with my accountant and have all book keeping squared away apart from this last step (PAYG is reconciled and OK).

The tax owing / paid wasn't correct due to adjustments in BAS, so in a given quarter, I'm either over or under paid to ATO. My accountant recommended creating a special account in can use to balance these payments, to either be an asset or liability at EOFY. Idea is clear, execution in Reckon alittle murkier.

I have two different ATO transactions. Type 1 is GST owed to me from ATO and my BAS payments is Type 2. How do I enter these values into Reckon, or do I only enter Type 2, and then perform my balance to the other account at EOFY?

I know its a simple process, but I've tried so many combinations I'm now lost, and utterly confused! any help appreciated

Comments

  • dallas_8095078
    dallas_8095078 Member Posts: 2 Novice Member Novice Member
    edited March 2016
    Finally cracked this, so stress levels back to normal. 

    cheers
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