When and How exactly the function "Create a BAS" should be used?

Question

Hi Everyone

Now I have checked all my inbound and outbound transactions to make sure every things good. it's a time for me to lodge a BAS for my company. so if I go to 'TAX' section and select a 'BAS' and 'Create a BAS' for first quarter… What exactly it will do?

is it just for record? or is it actually help lodge a BAS for my PTY LTD company..?

When and How exactly it should be used?

Karren Labrador · Answer

In addition to @John Angelico suggestion, we have also have a KB here that can provide you with details about allocating GST payables in Reckon One.

Processing GST payable and GST refunds to and from the ATO in Reckon One - Reckon Help and Support Centre

chris_is_fed_up · Answer

@clean_gujjuscleaning , I am facing the same issue. I see BAS payment in my 'bank transactions' but have no idea what to allocate it against so it disappears. Seems bizarre to me I can't select a payment to ATO and teh system deduce this as being teh BAS I prepared.

John Angelico · Answer

There are two accounts in the Liabilities section of the chart of accounts for GST Paid on Bills and expenses, and GST received on incoming transactions - sales mainly.

The Tax/BAS report should have matched the totals as at the end of the quarter (or year) with the balances of those two accounts. So, assuming from your post that you paid the ATO, you should allocate the net payment against each account in the Liabilities so that the end of quarter balances are cleared.

RGDS

John A