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Reverse a GJ after BAS Completed

MTS

The previous months BAS has been completed. I need to change a General Journal ?, the payment should have been a receipt of payment for an insurance invoice. Not put thru as a General Journal.

Do i need to put thru another General Journal to counter act this one, so i can allocate the funds to the invoice?

Comments

Kris_Williams

Without all the details I would think reversing the journal in the current quarter might be best, but you will have to receive the payment in the current quarter so the GST will flow through to the BAS. Unless you are on accrual basis

MTS

We are cash basis, and do monthly BAS's. The GJ was done in 25th May 2026.

I have only just completed the May BAS (damn it) :-( Any changes i make this month will affect the tax.

I was trying to work out a way around it with out to many implications.

Kris_Williams

You can always make the corrections back on the correct date and revise the BAS. Otherwise you could print out the tax summary, make the changes then print out a new tax summary and make a manual adjustment to the June BAS.

MTS

Confirming that would be the tax summary for May before and after i make the transaction?

Kris_Williams

Yes that is correct.

MTS

Thank you, I will do that. At the end of the day i think there will be only a couple dollars tax difference so definably a safer option.

Thank you for your help ;-)

Kris_Williams

yes that would be my choice. Glad to be of help

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