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Quickbooks – Reports and Entries for Aust. BAS
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Published on Friday, 03 May 2013 22:09
(For earlier Quickbooks versions, the reports may be in a different order)
After all transactions are entered (all bank accounts, loans, petty cash, credit card statements, sales invoices and purchases and payments reconciled) the following is a good best-practice process to follow – the reports and entries for preparation before the Aust. BAS form is completed:
1. Check Tax Codes Exceptions:
Reports >Tax >Tax Code Exception Report – Detail, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. Check that the tax code is not required where the report lists exceptions. Correct any mistakes. Print to keep a record.
2. Check Transaction Coding Detail:
Reports >Tax >Tax Detail, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. Check that the tax code is correct for the type of sale or expense (eg for no GST: EXP if sale, or FRE if purchase etc). Correct any mistakes. Print to keep a record
3. Report Summary for the BAS:
Reports >Tax >Tax Detail, select the dates for the period required (eg Last Quarter). You can save a copy in Memorised Transactions: Ctrl+M. > Modify report > Advanced > Display Columns: Active, and Tax Basis: Net or Gross as you prefer. (If not sure, contact us for free assistance). Report should have just columns and rows that have amounts. Print.
4. Payroll W1 and W2 PAYG Tax – Create a payroll report that shows these for the period
5. Collect all reports together, with the summary at the front.
6. Complete the BAS, copy the form both sides and clip together with the reports as a record for your accountant Year end.
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