BAS REFUNDS AND PAYMENTS TO THE ATO

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How do I enter correctly a Refund from the ATO and How do I enter a payment to the ATO after doing the BAS/ IAS, I'm running reckon accounts plus 2014. Their seems to be lots of ideas, getting confused??
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Sandra

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Posted 6 years ago

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Kevin V. Russell, Accredited Partner

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Sandy I think it's time you sought the assistance of a BAS agent. Cheers Kevin 0407744914
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Sandra

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Sorry I thought there might some one who could help out there!!
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Kevin V. Russell, Accredited Partner

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Sandy I don't mean to be dismissive but you treading in some highly technical areas. In the short term you can create a liability account and call it tax clearing. Again, it was not my intention to offend. I just think the accountant or bookkeeper can be very useful at times like this. We're not all accountants and we need to acknowledge when we need professional advice. Regards Kevin
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Sally McIntosh, Accredited Consultant, Accredited Partner

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Hi Sandra,

In further to what Kevin has said, each business is different and so has different requirements. That unfortunately is a very general question and you should perhaps either speak to your accountant or have a Reckon consultant help you remotely or onsite to go through your specific needs.

You may have more questions too!!!

Kind regards,

Sally McIntosh (sally@samsolutions.com.au)

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Kevin V. Russell, Accredited Partner

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Sally thank you for your thoughtful and considered response. I think this kind of forum is great for some things. Technical questions of this nature do not really lend themselves to a simple answer in my humble and considered view. It would be best to see the advice a Reckon Accredited Consultant or a Professional partner.
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Sandra

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Kevin, I thought the question I asked was a very general one & not too technical, I'm sure I'm not the only one out there scratching their heads and getting information overload.
I'm sure there are many ways to enter a BAS Refund or to pay a BAS Bill. But just thought there might have been a Keep it Simple Step by Step Guide we could follow.
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Kevin V. Russell, Accredited Partner

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Sandy my point is this. There is not a simple answer to the question. It's why we have this designation BAS service provider. What Graham has shown you might be perfectly okay for his client and not at all useful for yours. You see it's important to have the conceptual framework so you understand precisely what it is you are trying to achieve otherwise you can end up creating more work for someone else down the track. And the accountant might have a completely different way of doing things.  I am not trying to be dismissive and I like to help people as much as I can - ask anyone - but some questions simply do not lend themselves to a one or two sentence response.
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Graham Boast, Accredited Partner

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Hi Sandra

Here is the way I get my clients to code their BAS.

For a payment



  • I generally rename the Tax Payable account to GST payable
  • when entering the PAYG Withholding, you will get a message saying "it appears you're about to pay your payroll liabilities" - hit cancel - it can be safely ignored.
  • Note negative on Fuel Tax Credits
  • If 1B is greater than 1A, then enter amount as a negative
For a refund, enter as a Make Deposit but change negatives to positives and visa versa.

If the IAS is for you personally (eg a Partnership), then create Equity Accounts - PAYG Installment Partnername.

Once you post your transactions , have a good hard look at your Balance Sheet.  Do you reconcile the PAYG Withholding Account? Does the balance of the GST/Tax Payable account bear any relationship to reality? If you have an ATO Running Balance Account, is it reflected in the Balance Sheet?  This is a technical and complex area, and it is where we BAS Agents/ Reckon Consultants can help you understand your accounting system.  


Graham Boast
Reckon Accredited Consultant
graham@reckonhelp.com.au
www,reckonhelp.com.au/remotesupport.htm
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Angelo Fraietta

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Very good answer. How did you get the values from "tax payable," which is where GST ins normally stored to, into the account "GST Payable" that you have shown in the cheque. Was it through a journal entry? (This was how I was doing it in my earlier version of quickbooks).

Thanks
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Angelo Fraietta

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Actually, disregard the question. Reading again I see you have said 
  • I generally rename the Tax Payable account to GST payable
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Sandra

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Thanks Graham most helpful.
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Graham Boast, Accredited Partner

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Hi Sandra

Slight correction.  The Memo against Prepaid Tax should read "BAS 5A - PAYG Installment - Other Current Asset" 

Graham
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Kevin Russell, Accredited Partner

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Not at all Genevieve. As I said giving advice like this is pointless if you don't have the conceptual framework to understand why you are doing things a certain way. I see Accountants work all the time even where they have been in business for decades and they have no Idea how Reckon handles certain transactions and sadly superannuation and tax are the main areas. This is why I think you need to understand fully what it is you are trying to do. Or find an accountant or bas agent familiar with Reckon. Establish a relationship with her and treat her as a business partner. None of us can do everything. The sooner we learn this the sooner we will be on the road to success
Genevieve

Good to see that you realise the benefits of approaching an Professional / Accredited Partners to help sort this.  The people who have responded here, should be your first consideration.  They have toaken the time to impart and share their Reckon Product knowledge on this Community Forum, in the first instance to help users with the odd matter.  But for long term data/business and systems integrity of the use of these fine products, a relationship with a skilled professional is all important.

But if geography prevents this,  may I suggest you refer to the list of AP's that you can select from.  There's over 300+ throughout Australia.   Here's the link: 

http://home.reckon.com.au/support/Home/ReckonSupport/FindAReckonAccreditedPartner.aspx

You'll find specialists in Accounting, Bookkeeping,  or in my case,  IT, integration and business systems analysis.  Choose from the selection of those most appropriate to your needs.

Gary Pope
An Accredited Partner- Consultant  (VIC. Aust)

"Working with Accountants/Bookkeepers PPs/APs, as an
      independent IT Professional
and retired FCPA Accountant"

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Genevieve Stutz

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Thanks Kevin Russell & Gary Hope. Your assistance and advice has been most helpful. l will use the link you suggested Gary for future enquiries. l have made contact with Ruth Fenby in Knoxfield. Hopefully she will offer some assistance. Thanks again.... 
Terrific!   Hope things work out. Glad you found a local Partnerl nearby your operations there.  Good move.

Gary
(Edited)
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Kevin Russell, Accredited Partner

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Yes well I think it needed to happen. Hopefully the partner is also a bas agent. You should be appropriately qualified in order to give advice

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