In the majority of cases, payment is made to the ATO each GST period, and that payment is made up of what is owed them less what is to be credited.
First, ensure there is a cardfile for the Australian Taxation Office in the Jim2 database. If not, add one to easily track all payments made to the ATO.
The actual amount of each payment needs to be recorded correctly, and reflect how it is apportioned against the general ledger liability accounts to accurately debit and credit those running balances – record the payment to reflect what was actually lodged on the BAS.
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Ensure that the GST liability figures from the previous system are entered as opening balances against the relevant GST liability accounts in Jim2. The payment (or refund) in Jim2 will clear these out. |
Record BAS payment
For this example, the GST Calculation Worksheet report shows a total due of $8,500.00, made up of:
GST Collected on Sales |
6000.00 |
PAYG Withholding Payable |
4000.00 |
PAYG Instalment Income Tax |
1500.00 |
GST Paid on Purchases |
-3000.00 |
On the ribbon, go to Accounts > Banking > Chequebook, add a cheque and select the cardfile for the ATO. Record the amount of the payment and allocate the amounts exactly as lodged on the BAS to the relevant general ledger accounts.
Enter the negative liability last to balance the cheque amount, then finish and save.
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Tax Code X must be used on every line of the cheque entry when paying the ATO.
If Tax Code Q is used when recording a payment to the ATO, it will distort the figure in W2 in the next GST Session. Only use Tax Code Q against the PAYG Payable account in the payroll general journal, as this code flags the transaction to report into W2 in GST Sessions. |
Record BAS refund
For this example, the GST Calculation Worksheet report shows a refund due of $3000.00, made up of:
GST Collected on Sales |
-10000.00 |
PAYG Withholding Payable |
-4000.00 |
GST Paid on Purchases |
18,000.00 |
PAYG Instalment Income Tax |
-1000.00 |
On the ribbon, go to Accounts > Banking > Chequebook, add a deposit, and select the cardfile for the ATO. Record the amount of the refund, and allocate the amounts exactly as lodged on the BAS to the relevant general ledger accounts.
Click Save.
How to
Change GST Reporting from Cash to Accrual
Complete a GST Session: Accrual Method
Complete a GST Session: Cash Method
Handle NZ GST in Aust Database