Bringing balances forward in new company file

Ann_10524711

Hi, I have made a new company file and wish to bring outstanding balances forward into the new file.

When I enter the item in the new file, do I include GST in the invoice?

I don't want to overinflate the sales by having the entry in both financial years figures (we are on accruals).

Thanks

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Kris_Williams

If your Bas is on cash basis you will need to enter the balances as at 30/6 including GST

Only the payments will be in the current financial year. If you are on accrual basis for BAS, enter as at 30/6 with no GST

Ann_10524711

Thank you Kris, we are on accruals, so entering with no GST, do I just leave the tax field blank?

Kris_Williams

yes blank, and dated 30/6, you can use an item called opening balance, and if you have multiple invoices you can enter as one figure, just keep a printout of the invoice numbers and amounts so that you know everything is ok when receiving payments

Ann_10524711

Thanks Kris, appreciate your help.