29 BAS/VAT Options - Revision history

Simon Clive at 03:35, 26 September 2011

2011-09-26T03:35:27Z

Simon Clive at 03:34, 26 September 2011

2011-09-26T03:34:07Z

Simon Clive: Created page with " BAS/VAT Options Can you run a BAS/VAT report? When initially setting up your Tax reports you will need to set up all the Tax Codes; Tax Code names and Account names for each ..."

2011-06-27T05:58:09Z

Created page with " BAS/VAT Options Can you run a BAS/VAT report? When initially setting up your Tax reports you will need to set up all the Tax Codes; Tax Code names and Account names for each ..."

New page

BAS/VAT Options

Can you run a BAS/VAT report?

When initially setting up your Tax reports you will need to set up all the Tax Codes; Tax Code names and Account
names for each field within each report.

NB: These tax codes need to be set up with the advice and approval of your accountant.

Adding a new Tax Statement

Select the Tax report button this will open the Tax report Statement at the Supplies and Acquisitions section of
the report.
Select the period you require - Monthly or Quarterly.
Select the Month/Quarter Beginning, and the Current Year periods from the drop down menus.
Select Options
Choose Department/s
Choose Accounting Method (Accrual or Cash)
Save (this will repopulate all fields)
Save the report. It is recommended that you have a policy on the Naming Convention of the Tax reports.

Tax Options

You are able to create a Tax statement for either Cash or Accrual accounting method. The default selection is Accrual.
Select Options
Select Cash or Accrual

Cash
Cash is used for Businesses using a cash basis of Accounting for Tax 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 Tax payable and for input tax
credits account for Tax

When they receive or pay any consideration, or
When an Invoice is issued or received, whichever occurs earlier.

@@ Line 5: / Line 5: @@
 When initially setting up your Tax reports you will need to set up all the '''Tax Codes, Tax Code Names''' and '''Account''' names for each field within each report.
 '''NB:''' These tax codes need to be set up with the advice and approval of your '''Accountant.'''
-*To '''Add''' a new Tax Statement Select the '''Bass report''' button this will open the Tax report Statement at the '''Supplies and ''''''Acquisitions''' section of the report.
+*To '''Add''' a new Tax Statement Select the '''Bass report''' button this will open the Tax report Statement at the '''Supplies and''' '''Acquisitions''' section of the report.
 *Select the period you require - '''Monthly''' or '''Quarterly'''.
 *Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus.
 *Select '''Options''' to choose the Department or All&nbsp;
 *Choose the '''Accounting Method''' either '''Accrual''' or '''Cash'''
 *Select '''Ok''' which will repopulate all fields and '''Save''' the report.
 *Type in a '''Description''' and select '''OK''' (It is recommended that you have a policy on the Naming Convention of the Tax reports).
-'''Tax Options'''
+You are able to create a Tax statement for either '''Cash''' or '''Accrual''' accounting method. The '''Default''' selection is '''Accrual'''. <br>
-−
 You are able to create a Tax 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 Tax payable and for input tax credits when payment for a taxable supply or creditable acquisition is either made or received.

@@ Line 1: / Line 1: @@
-BAS/VAT Options
+Can you run a '''BAS/VAT''' report?
-Can you run a BAS/VAT report?
+When initially setting up your Tax reports you will need to set up all the '''Tax Codes, Tax Code Names''' and '''Account''' names for each field within each report.
-When initially setting up your Tax reports you will need to set up all the Tax Codes; Tax Code names and Account
+'''NB:''' These tax codes need to be set up with the advice and approval of your '''Accountant.'''
-names for each field within each report.
-NB: These tax codes need to be set up with the advice and approval of your accountant.
+*To '''Add''' a new Tax Statement Select the '''Bass report''' button this will open the Tax report Statement at the '''Supplies and ''''''Acquisitions''' section of the report.
-Tax Options
+'''Tax Options'''
-You are able to create a Tax statement for either Cash or Accrual accounting method.  The default selection is Accrual.
+You are able to create a Tax statement for either '''Cash''' or '''Accrual''' accounting method. The '''Default''' selection is '''Accrual'''. <br>
-Select Options
-Select Cash or Accrual
-Cash
+'''Cash''' is used for Businesses using a cash basis of Accounting for Tax payable and for input tax credits when payment for a taxable supply or creditable acquisition is either made or received.
-Cash is used for Businesses using a cash basis of Accounting for Tax payable and for input
 tax credits when payment for a taxable supply or creditable acquisition is either made or received.
-Accrual (Non Cash) accounting
+'''Accrual''' (Non Cash) accounting Entities using an Accrual or Non Cash basis of accounting for Tax payable and for input tax credits account for Tax
 Entities using an Accrual or Non Cash basis of accounting for Tax payable and for input tax
 credits account for Tax
-When they receive or pay any consideration, or
+When they receive or pay any consideration, or When an Invoice is issued or received, whichever occurs earlier.
 When an Invoice is issued or received, whichever occurs earlier.