BAS & GST Reconciliation

This article will assist you in your BAS preparation. It will enable you to check that all data has been correctly coded before lodging your BAS.

The following steps need to be performed to verify if the GST is correct:

1. Create the Stacked Report (GST Inclusive).
2. Create the GST (Summary by Code only) Report.
3. Compare the Stacked Report (GST inclusive) against the GST (Summary by Code only) Report. 
4. Create the Stacked Report (GST exclusive).
5. Create the Cash Trial Balance Report.
6. Compare the Stacked Report (GST exclusive) against the Stacked Report.
7. Review the Full GST Report.

Create The Stacked Report (GST Inclusive)

We will use this report to generate a listing of all transactions listed by Code for a specified period and includes their GST portions.

To generate this report:

1. From the Home Page, click on Cashbook.
    
2. Click on Report.
     
3. Click on Stacked Report.
     
4. The Stacked Report Generator screen is displayed.
   • Click All Codes for the reporting period selected. This period could be for a month or a BAS quarter or the whole financial year.
   • The First Month and the Last Month will need to be selected to show the correct BAS period.
   • The Codes within the Code Type section will all be selected by default. You can leave as is or deselect the ones you don’t want by clicking on them.
5. Once you have selected the options, as shown above, click the green tick.
6. The Stacked Report for the options selected will be displayed on-screen and you can print it out if needed.
7. Below is an example of the Stacked Report (GST inclusive).

Create The GST (Summary By Code only) Report

We will use this report to generate a listing of all transactions recorded in the selected period, listed by Code for a specified period and includes their GST portions.

To generate this report:

1. From the Home Page, click on Cashbook.
     
2. Click on Report.
     
3. Click on Tax Reports.
    
4. The Tax Reports screen is displayed.  
   On the screen above, make the following selections:
   • Select the GST (Summary by Code only) report option.
   • The Remind me to check setups before reporting field is selected by default. If you do not want this, deselect by clicking the check box.
   • Click the Report Any Period button to enter the GST period. The Tax Report screen will change to the screen below. Ensure you select the same period as the one selected for the Stacked Report generated previously. 
5. On the screen above, click the green tick to generate the report.
6. Below is a sample of the GST (Summary by Code only) report.

 

Compare The Stacked Report (GST Inclusive) Against The GST (Summary By Code Only) Report

Now use the Stacked Report (Inc. GST) and the GST (Summary by Code only) to compare each Codes figures to ensure that they match and reconcile for the BAS period.

To ensure that all the transactions in the period have been coded correctly, you must also check all the exclusive GST items. This is to look for transactions that might have been incorrectly recorded without GST on them.

Create A Stacked Report (GST Exclusive)

Use this report to generate a listing of all transactions recorded, listed by Code for a specified period and excludes their GST portions.

To generate the Stacked Report (GST Exclusive):

1. Click on Cashbook.
    
2. Click on Report.
    
3. Click on Stacked Report.
    
4. The Stacked Report Generator screen will be displayed. Ensure all fields in the example shown below are selected. Each quarter, the date range will need to be amended to the correct BAS period.  
   
5. Click the green tick to generate the Stacked Report (GST Exclusive).
6. Below is a sample report. 

Create The Cash Trial Balance Report

To generate this report, please see Create a Cash Trial Balance Report.

Compare The Stacked Report (GST Exclusive) Against The Stacked Report

Using the Stacked Report (Ex. GST) and the Cash Trial Balance Report, compare each Code’s figures to ensure they match and reconcile for the BAS period.

Review The GST Full Report

Print a GST Full Report and check all entries in the following categories in the report to make sure that they have been correctly categorised, then attach to a copy of the BAS form to be filed/retained. To print this report, see Generate a GST Full Report.

• Financial Acquisitions.
• Capital Acquisitions < $1,000.
• Capital Acquisitions > $1,000.
• GST Free Acquisitions.
• Acquisitions where Supplier not registered.
• Loans & Tax.
• GST Corrections.