Holly’s Helpful Hints –

        For this BAS quarter:

–      Make sure you have your bank statement reconciled right to the end of the month.  Print it off the internet if you have to.

–      Make sure you have received your BAS form from the ATO.  We require the documentation ID number.  It is what the ATO uses for encoding.

Checklist for BAS Reporting

For each company or data file you have to reconcile your accounts: 

• Bank Accounts
• Credit Card Accounts
• Accounts Receivable
• Accounts Payable
• Inventory
• Petty Cash
• Payroll Cheque Account to NIL Balance
• Liability and Asset Accounts (ie. Inter Company accounts)

And ensure Private (PRI) components of your entries have been allocated as per your accountants’ instructions.  For example: 91% business usage on your car reverses 9% of GST reported each quarter.

Review:

• The General Ledger Detailed Report to show account movements and monitor source journals.  SJ and CR for income and PJ and CD for expenses.  Note:  Source journals are how MYOB links the tax codes to the GST reports.  So on General Journal’s SJ flows through to G1 and PJ flows through to G11.  The exception to this rule is inventory.  The GST is allocated after the sale of item.
• The Profit & Loss Report for that quarter for any discrepancies.
• The Balance Sheet for the end of period and for any discrepancies.
• The Tax Code Exception Reports to ensure all tax codes have been correctly recorded.

Checklist for BAS Reconciliation

Check the:

• Profit & Loss to the GST Summary Report GST and FRE Sale value totals.
• Profit & Loss wages account to the Payroll Activity Summary.
• BASlink T1 to the Total income on the Profit & Loss Report.
• BASlink W1 and W2 to Wages and Taxes on the Payroll Activity Summary Report.
• BASlink 1A and 1B to the GST Tax collected and paid on the GST Summary Report.

Checklist for BAS Reports

For the period of GST reporting print the:

• Profit & Loss (Cash/Accrual) Report
• Profit & Loss (Cash/Accrual) Report for the period of PAYG Instalment reporting
• GST Detail (Cash/Accrual) Report
• GST Summary (Cash/Accrual) Report
• Tax Information Reconciliation Report
• Payroll Activity (Summary) Report for the period of PAYG Withholding
• BAS form with any manual adjustments attached
• Transaction form

Please be sure you:

• Always save a copy of your BAS file for the quarter you are reporting in BASlink.  MYOB will do this automatically for you if you select save upon exiting.
• Always keep a signed copy of the completed Business Activity Statement and date posted before you post it.

Tired yet?    But wait … there’s more …

Don't forget to reconcile the GST liability accounts.  Ok – let’s leave that for a meeting over a yummy coffee….shall we.  It's much better to let me do all this anyway!!!