Difference between revisions of "29 BAS/VAT Options"
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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''' names for each field within each report. | ||
| − | '''NB:''' These tax codes need to be set up with the advice and approval of your '''Accountant.''' | + | '''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 period you require - '''Monthly''' or '''Quarterly'''. | ||
*Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. | *Select the '''Month/Quarter Beginning''' and the '''Current Year''' periods from the drop down menus. | ||
| − | *Select '''Options''' to choose the Department or All | + | *Select '''Options''' to choose the Department or All |
*Choose the '''Accounting Method''' either '''Accrual''' or '''Cash''' | *Choose the '''Accounting Method''' either '''Accrual''' or '''Cash''' | ||
*Select '''Ok''' which will repopulate all fields and '''Save''' the report. | *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). | *Type in a '''Description''' and select '''OK''' (It is recommended that you have a policy on the Naming Convention of the Tax reports). | ||
| + | <br> | ||
| + | '''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. | '''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. | ||
Latest revision as of 14:35, 26 September 2011
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.
- 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
- 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.
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.
