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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.

NOTE: The option Tax Code is also available here 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

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.

Accessing Tax Codes

Select the Accounts drop down menu at the top left of the main screen Select Tax Codes Select Tax Code List NOTE. the option Tax Code is also available here 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. Active tax codes are ticked in the list To activate a tax code double click the code and tick Active in the new window that opens. Save

The Tax Code List

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 WGST 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.

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.

Special Note: 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<LinkId=139> being used in transactions. Please familiarise yourself with ERP's tax codes before proceeding. If you are in doubt as to which tax cade should be used for a transaction you should ask your accountant.

Adding a new BAS Statement

Select the BAS report button this will open the BAS 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 BAS reports.

BAS Options

You are able to create a BAS 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 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

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

Creating BAS by Department

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

Select Options button on the bottom of the form. Select the Department you are setting the BAS Options for. Options: Choose the BAS Options, Accounting Method and select OK

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'. Included Tax Codes are EXP, FRE, GST, INP and WC View all the accounts that will appear under the total for G1.

If modification is required, use 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 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 Capital Acquisitions G10 Included Tax Codes are CAF, CAG and CAI 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 CAF and NCF Total of estimated private use of acquisitions & non-deductible G15

Taxes and Amounts withheld (follow the same procedures as per 'Supplies and Acquisitions)

Select the BAS Report button, this will open the BAS 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 Year Click W1, W2, W3, W4, T1 to View all the accounts that will appear under the totals. W1 is a combination of the Gross Wages expense accounts, ie 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. The Select Accounts screen will load. If modification is required, use 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 amounts advised by the ATO or your accountant

BAS Debits and Credits

Select the BAS Report button this will open the BAS Report Statement at the Supplies and Acquisitions section of the report. Select the BAS 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, use 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.