Latest revision as of 22:03, 2 December 2013

BAS/VAT Report Button

Overview

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

Special Note: ERP requires your Accountant to configure the BAS/VAT setup to ensure correct
reporting to the ATO. The BAS/VAT report depends on the correct Tax Codes being used in transactions. 
Please familiarise yourself with ERP's tax codes  before proceeding. If you are in doubt as to 
which tax code should be used for a transaction you should ask your accountant.

Adding a new BAS/VAT Statement

• Select the Accounts Module BAS/VAT report button this will open the BAS/VAT report Statement at the Supplies and Acquisitions section of the report.

• Select the period you require - Monthly or Quarterly.
• From the Drop Down Menus Select the Month/Quarter Beginning, and the Current Year periods.
  
• Select the Options button
  
• Select a Department or tick the All box
• Choose an Accounting Method - Accrual or Cash
• Select Ok to Save and return to the main report.
  
• Save the report and the Description box will display to enter a name.
• Select Ok to Save and Close

BAS/VAT Options

You are able to create a BAS/VAT statement for either Cash or Accrual accounting method. The default selection is Accrual.

• Select Options
• Select either Cash or Accrual
• Cash is used for Businesses using a cash basis of Accounting for Goods and Services Tax (GST) or Value Added Tax (VAT) payable and for input tax credits when payment for a taxable supply or creditable acquisition is either made or received.
• Entities using an Accrual or Non Cash basis of accounting for Goods and Services Tax (GST) or Value Added Tax (VAT) and payable for input tax credits account for GST. When they receive or pay any consideration, or when an Invoice is issued or received, whichever occurs earlier.
  

Creating BAS/VAT by Department

ERP allows you the ability to create a BAS Statement by Department (Cost Centre) or by ALL Departments.

• Select the Options button on the bottom of the form.
• Select the Department you are setting the BAS/VAT Options for or select All for every department.
• Select OK to save
  

Adjusting the Configuration of the BAS/VAT Statement

The BAS/VAT 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 & Income & Other Supplies.
• Included Tax Codes are CAG, E, EXP, FRE, GST, GSTIM, NCF, NCG, NT, PRI
• Selected Tax Codes displays 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.

Use the same process for all other BAS/VAT Buttons

• Exports G2 - Included Tax Codes are EXP
• Other GST-Free Supplies G3 - Included Tax Codes are FRE

• Input Tax Sales & Income & Other Supplies G4
• Adjustments G7 - Included Tax Codes are ADJ
• Capital Acquisitions G10 - Included Tax Codes are CAF, CAG
• Other Acquisitions G11- Included Tax Codes are NCF, NCG, NCI
• Acquisitions for making input taxed sales & income & other supplies G13 - Included Tax Codes are CAI and NCI
• Acquisitions with no GST in the price G14 - Included Tax Codes are CAF and NCF
  
• Total of estimated private use of acquisitions & non-deductible G15 - Included Tax Codes are PRI
• Adjustments G18 - Included Tax Codes are ADJ

Taxes and Amounts withheld

Follow the same procedures as per Supplies and Acquisitions

• Select the BAS/VAT Report button, this will open the BAS/VAT Report Statement at the Supplies and Acquisitions section of the report.
• Select the Taxes and Amounts Withheld tab
• Select the Reporting Period either Monthly or Quarterly
• Select the Quarter beginning and Year
• Click W1, W2, W3, W4, and/or T1 to View all the accounts that will appear under the totals.
• W1 is a combination of the Gross Wages expense accounts, E.g. all accounts that go into the Gross Wages as a total and W2 is the PAYG tax expense account. Amounts will refresh as you click on these buttons.
• Select any of these buttons and the Select Accounts screen will load.
• If modification is required, Hold Down the Ctrl Key and click on the item you wish to add or remove from this selection.
• Select OK to save, or select Cancel if you want to exit without saving.

Fringe Benefit tax instalment for the period

• Enter in F1, F2, F3 and F4 fields the amounts advised by the ATO or your accountant

BAS/VAT Debits and Credits

• Select the BAS/VAT Report button this will open the BAS/VAT Report Statement at the Supplies and Acquisitions section of the report. Select the BAS/VAT Debits and Credits tab
• Click 1C, 1E, 1D, 1F, 1G to View all the accounts that will appear under the totals.
• The Select Accounts screen will appear.
• If modification is required, Hold Down the Ctrl Key and click on the item you wish to add or remove from this selection.
• All other fields will be populated with values calculated accordingly in respect to the selected tax codes for each of the Select Accounts fields.
• Select OK to save, or select Cancel if you want to exit without saving.

Tax Codes

The Tax Codes for your country will be pre-set when you download the software for your country.

BAS (Australian)

You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.

VAT (Europe)