can i enter previous years accounts?

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Hi I have a small business in Australia and I am looking at using Reckon, spent a prolonged period in hospital and have to sort out accounts for the previous financial year and submit them for last years tax. is this possible in reckon without an account already set up during that year?
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Anthony Alcock

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Posted 2 months ago

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John G, Information Support Analyst

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Welcome to the Reckon Community, Anthony.

Absolutely  With Reckon One you do need to specify the start date of the Book, so its always best to start it with the previous financial year to your first transaction.  GST tax rates have not changed so there is no issue there and PAYG withholding scales for each financial year are kept back to when payroll was introduced in 2013.

Reckon Accounts (Hosted and Desktop) does not need a start date and there are no issues with GST for past years, and you can lodge your BAS returns either through SBR or the ATO Portal. .  However, PAYG withholding scales are only held for the current financial year, so payroll transactions for past years may need to be manually adjusted for tax, depending on the extent of changes from that financial year to the current financial year.  

If you have any other questions please ask. 


regards,
John.
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Anthony Alcock

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Thanks John for a very detailed answer! really appreciate all the info gives me the confidence to go with reckon