Can the GST Account in Reckon be set up to be reconciled like a bank account in order to reconcile?

Rosie

Hi there,

I was thinking it would be handy if I could set up the GST account in Reckon (a liability account) as an account that could be reconciled when the BAS is done? That way, when someone in our bookeeping team has made a change in a previous period, the reconciliation discrepancy report would highlight what the change is.

Has anyone done this successfully in Reckon or have any other suggestions to make this process easier?

In the past I ahve exported an excel report of the GST report after the BAS is completed and then if the balance changes by the time I work on the next BAS, I export that same report and compare the two to find the discrepancies. I was trying to find a quicker way to do this.

Thanks, Rosie

Kris_Williams

Set up a password and closing date to make sure nothing gets entered in a previous period. I do this every quarter once the BAS is done.

I reconcile the GST account also - the balance in tax payable after the quarterly payment is processed should equal

o/s invoices less o/s bills (those that include GST) divided by 11. I use the customer balance summary and supplier balance summary reports to do this

Acctd4

If you go to your Begin Reconciliation screen, you'll see the GST is one of the available accounts in the dropdown list. It's not just bank accounts - you're able to reconcile Liability, Asset & even Equity accounts too! 😁

Rosie

Hi Shaz,

Thanks for your comment. I did see this a while back and got excited, yet when I select the GST account a message comes up to say "You cannot reconile this type of account".

Rosie

Hi Kris,

I do set a closing date but need to give the girls access to change things as you can't change accounts, descriptions, anything, once I set the closing date. This isn't practical in our organisation as there are often changes and we would end up with a heap of unnecessary journals and credit notes if we did that.

I do reconcile the GST account manually, I just would have loved to use the "Reconciliation" function so as to be able to get a discrepancy report.

Thanks, Rosie

Acctd4

Yes, I reconcile the GST account via the Reckon Reconciliation process in RA/RAH when I have a client who has a BAS/GST debt. However, I create a new separate set of liability (clearing) accounts for this that I transfer/journal to eg:

• ATO Debt
• GIC
• GST
• PAYGW

This allows you to reconcile these accounts via the normal process above 😊