How to use GST collected and GST paid accounts in recording BAS payment in Reckon one?

sherina79 · September 12

What are the roles of GST collected and GST paid account in recording the payment for BAS?

Rav · September 12

This is potentially a question more suited to your bookkeeper or accountant, however with that said can you please give us a bit more context or detail on your query and we'll see if there's anything we can advise from the Reckon One software perspective.

sherina79 · September 12

Hi @Rav

Thank you for responding. I want to know if these accounts, GST collected and GST paid are expected to be zero out? Because the amounts are getting bigger. Are these accounts supposed to be transferred to another account?

Rav · September 12

I've had a chat with a colleague and they've provided the below info which hopefully is useful 👇

The GST Collected and GST Paid accounts are the accounts that GST amounts are posted when a Tax Code is applied to a transaction. They are sub-accounts of GST Payable.

When preparing a BAS report, Reckon One users should go to Reporting ➡️ Reports Centre ➡️ Tax, then view the reports there and ensure you change the report date range to your BAS period.

In Tax Code Exception you can see a list of transactions that do not contain a tax code.
In Tax Code Transactions transactions are listed according to Tax Code, Sales side tax codes (GST, FRE, INP, EXP) first, and then Expense side tax codes (NCG, NCF, NCI, CAG, CAF, CAI).

Run your eye over these lists for entries that may not look right if any. Drill down, examine it, and make any changes that are required.

Now look at the GST Summary Report that will list all the tax coded transactions into the G-lines of this report. You can then proceed to Tax ➡️ BAS and compile your BAS lodgement form.

When you pay your obligation to the ATO, you will need to process a Make Payment transaction. The GST Payable account is the convenient account to record the GST component of your payment to the ATO.

When you view the balance sheet again then;

GST Payable shows amounts you paid to the ATO
GST Received will show GST amounts you collected from customers
GST Paid will show GST amounts you paid to suppliers

Also, check out our how-to videos on preparing your BAS in Reckon One below 👇

sherina79 · September 12

Thank you so much @Rav .

This is very informative.

All the best!

How to use GST collected and GST paid accounts in recording BAS payment in Reckon one?

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