Difference between revisions of "28 BAS/VAT Report"
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| − | '''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??''' | + | 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. | 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> | + | <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 Access '''Tax Codes''' Select the '''Accounts''' drop down menu at the top left of the main screen <br> | + | *To 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> | *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. | |
| − | + | ||
| − | <br> | + | '''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> | |
| − | + | ||
| − | '''WET''' Wine Equalisation Tax <br> | + | |
'''WGST''' GST on Wine Equalisation Tax | '''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 Tax Code''' being used. | 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> | + | '''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. | '''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 | + | *From the '''Accounts''' Module Select the '''Bass Report''' Button and by Default it will open on '''Supplies and Acquisitions''' ''<br> '' |
| − | *Select the period you require - '''Monthly''' or '''Quarterly.''' <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 the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. <br> |
| − | *Select '''Options''' and a '''Department''' or '''ALL'''<br> | + | *Select '''Options''' and a '''Department''' or '''ALL'''<br> |
| − | *Select the '''Accounting Method''' either '''Accrual''' or '''Cash''' <br> | + | *Select the '''Accounting Method''' either '''Accrual''' or '''Cash''' <br> |
| − | *Select '''OK''' which will repopulate all fields. <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> | *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> | + | <br> |
| − | '''BAS Options'''<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> | + | 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. | '''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. | ||
| Line 73: | Line 71: | ||
'''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 | '''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> | + | <br> |
| − | '''Adjusting the Configuration of the BAS Statement''' | + | '''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. | 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. | ||
| Line 83: | Line 81: | ||
*'''Repeat''' this process for all of the '''BAS Buttons''' including '''Taxes and Ammounts Witheld''' and '''Bas Debits and Credits''' | *'''Repeat''' this process for all of the '''BAS Buttons''' including '''Taxes and Ammounts Witheld''' and '''Bas Debits and Credits''' | ||
| − | + | <br> <br> | |
| − | <br> | + | |
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
