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'''BAS/VAT Report'''
  
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BAS/VAT Report
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Has the setup of the '''BAS''' report / '''VAT''' Report with the '''Tax Codes''' been done and approved by the '''Accountant??'''
  
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Has the setup of the BAS report / VAT Report with the Tax Codes been done and approved by the accountant??
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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.
  
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When creating a new account/Product you must select a tax code for the account, this tax code will then auto load
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<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>
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when creating transactions within ERP. It is important to ensure that the correct tax code is used as the entries made
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will automatically feed into the BAS/VAT reports. If the tax codes are incorrect for an account/product this will affect
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the report.
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NOTE: The option Tax Code is also available here and is used to create a new tax code. Always
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*To&nbsp; Access '''Tax Codes''' Select the '''Accounts''' drop down menu at the top left of the main screen <br>
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consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting
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*From the Drop Down Select '''Tax Codes''' and then '''Select Tax Code List '''<br>
  
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*'''Active''' tax codes are '''Ticked''' in the list <br>
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*To '''Activate''' a Tax Code '''Double click''' on the code and tick '''Active''' in the new window that opens and select '''Save <br>'''
  
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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
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'''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.  
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of businesses and are therefore inactive by default but can be made active if required.
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Accessing Tax Codes
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'''Tax Code Description '''<br>
  
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Select the Accounts drop down menu at the top left of the main screen
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'''CAF''' Capital Acquisition - GST Free <br>
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Select Tax Codes
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Select Tax Code List
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NOTE. the option Tax Code is also available here and is used to create a new tax code. Always
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consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting.
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Active tax codes are ticked in the list
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To activate a tax code double click the code and tick Active in the new window that opens. 
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Save
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The Tax Code List
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'''CAG''' Capital Acquisition - Inc GST <br>
  
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Code Description
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'''CAI''' Capital Acquisition - for making Input Tax <br>
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CAF Capital Acquisition - GST Free
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CAG Capital Acquisition - Inc GST
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CAI Capital Acquisition - for making Input Tax
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E Tax Exempt
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EXP GST Free Exports
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FRE GST Free Supplies
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GST Supplies Including GST
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NT No Tax
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INP Input Taxed Sales
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NCF Non-Capital Acquisition - GST Free
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NCG Non-Capital Acquisition - Inc GST
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NCI Non-Capital Acquisition - for making Input Tax
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WC Combined WET and WGST
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WET Wine Equalisation Tax
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WGST GST on Wine Equalisation Tax
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You should not replace any of the above codes as reports such as your BAS depend on the correct
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'''E''' Tax Exempt <br>
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tax code being used.
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This facility enables you to set up and print out and save standard BAS statements. Statements can be created for all
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'''EXP''' GST Free Exports <br>
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or individual departments/classes in an Accrual of Cash basis.
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Special Note: ERP requires your Accountant to configure the BAS setup to ensure correct reporting to the ATO.  The
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'''FRE''' GST Free Supplies <br>  
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BAS report depends on the correct Tax_Codes<LinkId=139> being used in transactions.  Please familiarise yourself with ERP's tax
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codes before proceeding.  If you are in doubt as to which tax cade should be used for a transaction you should ask your
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accountant.
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Adding a new BAS Statement
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'''GST''' Supplies Including GST <br>
  
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Select the BAS report button this will open the BAS report Statement at the Supplies and Acquisitions section of
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'''NT''' No Tax <br>
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the report.
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Select the period you require - Monthly or Quarterly.
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Select the Month/Quarter Beginning, and the Current Year periods from the drop down menus.
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Select Options
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Choose Department/s
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Choose Accounting Method (Accrual or Cash)
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SAVE (this will repopulate all fields
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SAVE the report. It is recommended that you have a policy on the Naming Convention of the BAS reports.
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BAS Options
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'''INP''' Input Taxed Sales <br>
  
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You are able to create a BAS statement for either Cash or Accrual accounting method.  The default selection is Accrual.
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'''NCF''' Non-Capital Acquisition - GST Free<br>
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Select Options
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Select Cash or Accrual
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Cash
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'''NCG''' Non-Capital Acquisition - Inc GST <br>
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Cash is used for Businesses using a cash basis of Accounting for Goods and Services Tax (GST) payable and for input
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tax credits when payment for a taxable supply or creditable acquisition is either made or received.
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Accrual (Non Cash) accounting
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'''NCI''' Non-Capital Acquisition - for making Input Tax<br>
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Entities using an Accrual or Non Cash basis of accounting for Goods and Services Tax (GST) payable and for input tax
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credits account for GST
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When they receive or pay any consideration, or
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'''WC''' Combined WET and WEG<br>
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When an Invoice is issued or received, whichever occurs earlier.
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Creating BAS by Department
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'''WET''' Wine Equalisation Tax <br>
  
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ERP allows you the ability to create a BAS Statement by Department (Cost Centre) or by ALL Departments.
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'''WGST''' GST on Wine Equalisation Tax
  
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Select Options button on the bottom of the form.
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You should '''Not''' replace any of the above codes as reports such as your '''BAS''' depend on the '''Correct Tax Code''' being used.  
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Select the Department you are setting the BAS Options for.
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Options: Choose the BAS Options, Accounting Method and select OK
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Adjusting the Configuration of the BAS Statement
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'''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>
  
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The BAS Report is set up so that you can make changes to the tax code links.
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'''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.  
  
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It is Important to note, that only a qualified Accountant should carry out this process. The selections need to be checked
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*From the '''Accounts''' Module Select the '''Bass Report''' Button and by Default it will open on '''Supplies and Acquisitions'''&nbsp; &nbsp; ''<br> ''
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to ensure you get your desired results.
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*Select the period you require - '''Monthly''' or '''Quarterly.''' <br>
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*Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. <br>
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*Select '''Options''' and a '''Department''' or '''ALL'''<br>
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*Select the '''Accounting Method''' either '''Accrual''' or '''Cash'''&nbsp;<br>
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*Select '''OK''' which will repopulate all fields. <br>
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*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>
  
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Select the G1 button link for 'Total Sales & Income & Other Supplies'.
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<br>
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Included Tax Codes are EXP, FRE, GST, INP and WC
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View all the accounts that will appear under the total for G1.
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If modification is required, use the CTRL Key and select the item/s you wish to add or remove from this selection.
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'''BAS Options'''<br>
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Select 'OK', to save or select 'Cancel' if you want to exit without saving.
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Use the same process for all other BAS Buttons
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You are able to create a BAS statement for either '''Cash''' or '''Accrual''' accounting method, the default selection is '''Accrual'''. <br>
  
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Exports G2
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'''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.
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Included Tax Codes are EXP
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Other GST-Free Supplies G3
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Included Tax Codes are FRE
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Input Tax Sales & Income & Other Supplies G4
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Capital Acquisitions G10
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Included Tax Codes are CAF, CAG and CAI
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Other Acquisitions G11
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Included Tax Codes are NCF, NCG, NCI
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Acquisitions for making input taxed sales & income & other supplies G13
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Included Tax Codes are CAI and NCI
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Acquisitions with no GST in the price G14
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CAF and NCF
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Total of estimated private use of acquisitions & non-deductible G15
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Taxes and Amounts withheld
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'''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
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(follow the same procedures as per 'Supplies and Acquisitions)
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Select the BAS Report button, this will open the BAS Report Statement at the Supplies and Acquisitions section
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<br>
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of the report.
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Select the Taxes and Amounts Withheld tab
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Select the Reporting Period either Monthly or Quarterly
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Select the Year
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Click W1, W2, W3, W4, T1 to View all the accounts that will appear under the totals.  W1 is a combination of the
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Gross Wages expense accounts, ie all accounts that go into the Gross Wages as a total and W2 is the PAYG tax expense
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account.  Amounts will refresh as you click on these buttons.
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The Select Accounts screen will load.
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If modification is required, use the CTRL Key and click on the item you wish to add or remove from this selection.
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Select 'OK' to save, or select 'Cancel' if you want to exit without saving.
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Fringe Benefit tax instalment for the period
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'''Adjusting the Configuration of the BAS Statement'''
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Enter in F1, F2, F3 and F4 amounts advised by the ATO or your accountant
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BAS Debits and Credits
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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.
  
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Select the BAS Report button this will open the BAS Report Statement at the Supplies and Acquisitions section
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*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. '''
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of the report.
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*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.  
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Select the BAS Debits and Credits tab
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*'''Repeat''' this process for all of the '''BAS Buttons''' including '''Taxes and Ammounts Witheld''' and '''Bas Debits and Credits'''
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Click 1C, 1E, 1D, 1F, 1G to View all the accounts that will appear under the totals.
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The Select Accounts screen will appear. If modification is required, use the CTRL Key and click on the item you  
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<br> <br>
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wish to add or remove from this selection.
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All other fields will be populated with values calculated accordingly in respect to the selected tax codes for each
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of the "select accounts" fields.
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Select 'OK' to save, or select 'Cancel' if you want to exit without saving.
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Latest revision as of 14:16, 26 September 2011

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.


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.

  • To  Access Tax Codes Select the Accounts drop down menu at the top left of the main screen
  • From the Drop Down Select Tax Codes and then Select Tax Code List
  • Active tax codes are Ticked in the list
  • To Activate a Tax Code Double click on the code and tick Active in the new window that opens and select Save

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

CAF Capital Acquisition - GST Free

CAG Capital Acquisition - Inc GST

CAI Capital Acquisition - for making Input Tax

E Tax Exempt

EXP GST Free Exports

FRE GST Free Supplies

GST Supplies Including GST

NT No Tax

INP Input Taxed Sales

NCF Non-Capital Acquisition - GST Free

NCG Non-Capital Acquisition - Inc GST

NCI Non-Capital Acquisition - for making Input Tax

WC Combined WET and WEG

WET Wine Equalisation Tax

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.

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 Module Select the Bass Report Button and by Default it will open on Supplies and Acquisitions   
  • 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 and a Department or ALL
  • Select the Accounting Method either Accrual or Cash 
  • Select OK which will repopulate all fields.
  • 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


BAS Options

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

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


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 & Income & 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



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