Reporting Dates for Cash Basis GST
I have a client who has years of unapplied credits and adjustments. He is on Cash Basis GST. I am going through now and applying the credits to tidy up his accounts so that he doesn't have heaps of open transactions on his report. At what date will the GST report? I can't see any of it at today's date. On the customer side, I tried using the payments screen and putting in today's date but I still can't see any of those transactions on the GST report. Will they now be applied back historically, e.g. in 2004, 2005 etc, the dates on the credits and invoices??
Best Answer
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On a Cash basis, ALLOCATED payments in RA/RAH are recognised on the payment received (or Credit allocation) date.
As previously suggested, I would be checking the BASs for the open invoice periods to ensure the invoice amounts werenโt actually reported back then (eg in case the client used to report on Accruals historically!)
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Answers
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They arent cash so no.
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Are you saying that they would have been reported back when they were created?
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It is not possible for anybody here to make any comments about what has or has not been reported previously.
In addition, given your initial comments suggesting that your client's records are in a mess, you should not assume that was been reported is (correctly) recorded in the books.
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Spot on Bruce. I'd be looking at the backup if I was the OP.
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Thank you all for your comments. Was only after a technical answer, and now I have it.
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