Quarterly cash tax summary gst amount v's the gst cash figure on the balance sheet

Carol CairneyCarol Cairney Member Posts: 4
edited June 30 in Accounts Hosted
Should my quarterly cash tax summary gst amount balance to the gst cash balance sheet at the same period? If I date range the quarter on the balance sheet why would the two amounts differ?  If an invoice is raised in that quarter but paid in the next quarter?


  • Linda ABCLinda ABC Member Posts: 1,178 ✭✭
    edited June 30
    Yes it should go pretty close - but lots of reasons it could be out... such as 1.  entering amounts to the Tax Payable account that are not actually for payment of GST - eg.. personal income tax payments and refunds... 2. making changes to prior periods that mean the amount of BAS paid/refunded is now incorrect.  3.  Changes to prior years or changes by accountant for prior years that makes carry forward figure now incorrect
  • Carol CairneyCarol Cairney Member Posts: 4
    edited June 30
    Thank you Linda, and it should be close to an accrual balance sheet once I add in gst for AR and less gst for AP? Correct?
    Neither of these BS reports (cash or accural) can I balance my tax summary to.  Should I be out the same amount?
    Is the tax summary correct and I should change the balance sheet to match it?
  • Linda ABCLinda ABC Member Posts: 1,178 ✭✭
    edited January 2019
    Sorry Carol - thats like asking how long is a piece of string - I would have to see the file and look for common errors etc to be able to answer correctly - if you run the Balance Sheet on a Cash Basis - then you don't need to do any calculations for AR & AP - this is the whole idea of the Cash Basis report.  Firstly you would need to establish a baseline of when it did balance...  which depending on the age of the file and the accuracy of the data - it may have never balanced... if you wanted to do this - you would look at say the BAS lodgement for June 2018... then manually make the Cash Basis report equal this amount of GST - then once you have established this baseline - run the Tax Summary Report for each quarter and compare to the Balance Sheet for the same date and see where its correct and where its not.  hopefully this makes sense?
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