How do I enter a tax credit for BAS in Reckon Accounts 2018 desktop?
Comments
-
If you are entering a credit note, your negative and positive amounts in the split need to be reversed. eg the gst to be paid needs to be entered as a negative, the gst to be claimed entered as a positive, PAGYI entered as a negative.0
-
Bills & Bill Credits should not be used for liability purposes - The GST amount refundable is already reflected in your GST Payable account balance. Entering a Bill or Bill Credit is going to increase or decrease the amount further! You need to enter a GST Refund via "Make Deposits". If you go via the Suppliers dropdown menu > Tax Activities > Manage Tax & "Receive Tax Refund", it will pre-fill the Supplier, Account & a Memo for you.
Do your BASs include PAYGW amounts from employee wages? Are you using Payroll in RA? If so, you should be entering BAS payments via a "Liability Cheque" with the GST & other non-payroll components on a line each on the "Expenses" tab.
In cases where you still have an amount to pay but one or more components is a credit, I find using a Clearing Account helpful - Pay the ATO the full amount of other components payable via a (Liability) Cheque from here, receive the Refund back into here - via "Make Deposit" - & enter a "Write Chq" for the remaining actual payment balance from the applicable business bank account, posting direct to the Clearing Account.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0 -
Hi Shaz, Yes as shown in the above memorized bill that our book keeper set up we run Payroll through RA thus we have monthly PAYG and quarterly PAYGI. We do not however, have a bank account set up with Tax Office for any GST refund (never thought it would be necessary!) so at the moment our Tax Account has a credit balance. I usually do liability payments for monthly IAS but have been using the above template for quarterly BAS given it was set up by an accredited partner/agent such as yourself. This seems to be a bone of contention amongst colleagues?0
-
If you check the "Payroll Liabilities Report" (Under Reports dropdown menu > "Employees & Payroll), you'll see your PAYGW liability Payroll Item is not being cleared out for the last month of each quarter - The "Pay Payroll Liabilities" (via the "Liability Cheque") uses the Payroll Item, reflecting the accrued balance.
The bank account I suggested isn't actually a real bank account. It's not just useful for ATO partial credits, it's also useful for clearing differences between an amount in that doesn't equal the opposing amount out (eg if you have a supplier who is also a customer - or vice versa - & you want to apply a payment against opposing amounts owed, often referred to as a "Contra" payment)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0
Categories
- All Categories
- 6.8K Accounts Hosted
- 10 📢 Reckon Accounts Hosted - Announcements
- 6K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.2K Reckon Payroll 🚀
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 18 📢 Reckon Payroll - Announcements
- 3.1K Reckon One
- 7 📢 Reckon One - Announcements
- 11 Reckon Invoices App
- 14 Reckon Insights
- 114 Reckon API
- 830 Payroll Premier
- 325 Point of Sale
- 1.9K Personal Plus and Home & Business
- 73 About Reckon Community