View source for 28 BAS/VAT Report

'''BAS/VAT Report''' 

Has the setup of the '''BAS''' report / '''VAT''' Report with the '''Tax Codes''' been done and approved by the '''Accountant??''' 

When creating a new Account/Product you must select a Tax Code for the account, this tax code will then auto load when creating transactions within ERP. It is important to ensure that the correct Tax Code is used as the entries made will automatically feed into the '''BAS/VAT''' reports. If the Tax Codes are incorrect for an '''Account/Product''' this will affect the report. 

<br> Below is a list of the '''Tax Codes''' that are pre-configured in ERP Software. Some of these codes will never be used by the majority of businesses and are therefore inactive by default but can be made active if required. <br> 

*To&nbsp; Access '''Tax Codes''' Select the '''Accounts''' drop down menu at the top left of the main screen <br> 
*From the Drop Down Select '''Tax Codes''' and then '''Select Tax Code List '''<br>

*'''Active''' tax codes are '''Ticked''' in the list <br> 
*To '''Activate''' a Tax Code '''Double click''' on the code and tick '''Active''' in the new window that opens and select '''Save <br>'''

'''N.B''' the option '''Tax Code''' is also available from this Drop Down and is used to create a new tax code. Always consult your Accountant and ERP Support before creating a new tax code as there may be implications for reporting. 

'''Tax Code Description '''<br> 

'''CAF''' Capital Acquisition - GST Free <br> 

'''CAG''' Capital Acquisition - Inc GST <br> 

'''CAI''' Capital Acquisition - for making Input Tax <br> 

'''E''' Tax Exempt <br> 

'''EXP''' GST Free Exports <br> 

'''FRE''' GST Free Supplies <br> 

'''GST''' Supplies Including GST <br> 

'''NT''' No Tax <br> 

'''INP''' Input Taxed Sales <br> 

'''NCF''' Non-Capital Acquisition - GST Free<br> 

'''NCG''' Non-Capital Acquisition - Inc GST <br> 

'''NCI''' Non-Capital Acquisition - for making Input Tax<br> 

'''WC''' Combined WET and WEG<br> 

'''WET''' Wine Equalisation Tax <br> 

'''WGST''' GST on Wine Equalisation Tax 

You should '''Not''' replace any of the above codes as reports such as your '''BAS''' depend on the '''Correct Tax Code''' being used. 

'''N.B.''' ERP requires your '''Accountant''' to configure the '''BAS''' setup to ensure correct reporting to the ATO. The '''BAS''' report depends on the correct '''Tax Codes''' being used in transactions. Please familiarise yourself with ERP's tax codes before proceeding. <br> 

'''Adding''' a new '''BAS Statement '''This facility enables you to set up and print out and save standard BAS statements. Statements can be created for all or individual departments/classes in an '''Accrual''' of '''Cash''' basis. 

*From the '''Accounts'''BAS report''''''Supplies and''' '''Acquisitions''' section of the report. <br> 
*Select the period you require - '''Monthly''' or '''Quarterly.''' <br> 
*Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. <br> 
*Select '''Options''' and a '''Department''' or '''ALL'''<br> 
*Select the '''Accounting Method''' either '''Accrual''' or '''Cash'''&nbsp;<br> 
*Select '''OK''' which will repopulate all fields. <br> 
*Select '''Save''' and '''Name''' the report and select '''OK''' (It is recommended that you have a policy on the Naming Convention of the BAS reports<br>

<br> 

'''BAS Options'''<br> 

You are able to create a BAS statement for either '''Cash''' or '''Accrual''' accounting method, the default selection is '''Accrual'''. <br> 

'''Cash''' is used for Businesses using a cash basis of Accounting for Goods and Services Tax (GST) payable and for input tax credits when payment for a taxable supply or creditable acquisition is either made or received. 

'''Accrual''' (Non Cash) accounting Entities using an Accrual or Non Cash basis of accounting for Goods and Services Tax (GST) payable and for input tax credits account for GST 

<br> 

'''Adjusting the Configuration of the BAS Statement''' 

The '''BAS Report''' is set up so that you can make changes to the '''Tax Code''' links. It is Important to note, that only a qualified Accountant should carry out this process. The selections need to be checked to ensure you get your desired results. 

*Select the '''G1''' button link for '''Total Sales &amp; Income &amp; Other Supplies''' to view a list of all the accounts that will appear under the total for '''G1. ''' 
*If modification is required hold down the '''CTRL Key''' and select the item/s you wish to '''Add''' or '''Remove''' from this selection. Select '''Ok''' to save or select '''Cancel''' if you want to exit without saving. 
*'''Repeat''' this process for all of the '''BAS Buttons''' including '''Taxes and Ammounts Witheld''' and '''Bas Debits and Credits'''

<br> <br>