HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

MYOB | Reckon | Quickbooks – Keep track of owing money to ATO easily in your books / accounts

images/Loan Money to the Business.pngI see many clients who pay their BAS amounts in instalments instead of the full BAS so only part amounts go to the Tax Office – either the weeks leading up to the BAS and/or after it was submitted.

For them, and myself, I have got into a habit of having an ATO Liability account separate from the GST accounts (there are 2 GST accounts in MYOB (Collected and Paid) but only one by default (all tog) in Reckon/Quickbooks – although  sometimes I find 2 GST accounts, if the accounts person has set them up!).

Then I allocate refunds and deposits to this ATO Liability, because when we are entering from the bank stmt, we don’t often have the BAS info that is on the form, so it is easier to enter the transaction to ATO Liability and later balance it back to the actual BAS due – like a clearing account.

I also enter the BAS Journal that draws from the GST liability accounts. In several client entities I have a memorised transaction General Journal called “BAS form due” to enter the actual Statement detail and balance it back to ATO Liability,

Often I need to enter some interest amounts (get a Running Balance Account Statement from the ATO) and reconcile the ATO Liability accounts for the year/period – I still often need to do some final tidy-up before giving books to the accountant!

Need help? Not sure? Call for FREE30min advice / strategy session today!

Call 0407 361 596 Aust

Call for FREE30min advice 0407 361 596 or click for the list of our articles.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?
Create an account

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2012   |   Website Design by Low Cost Web Site Design Melbourne    |   Admin