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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.

Adding a new Tax Statement

Select the Tax 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 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 Tax reports.

Tax Options

You are able to create a Tax 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 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.