Join Elizabeth Haverfield for an in-depth discussion in this video GST Accruals Detail report, part of MYOB AccountRight Reporting Necessities.
In the previous video, we showed you the difference between cash, and accrual GST reporting. Now we're going to have a look at the detailed accruals report for Carol's Cleaning. Because we need to check that we have got all the tax codes allocated correctly. This report shows the transaction for interest. You see the date, the ID, the name, it's the name of the card or the memo that was there. We've got the rate, it's zero and the value is $35.
You do not report cents to the ATO. Now we got the goods and services tax. So all our entries are listed all the way down the screen and we had our total of $6,010. If you wish to look at a transaction because you're unsure whether you've allocated the correct text code to it. Use your mouse to go across and drill down on the $300. It takes you directly to the transaction. You could change the text code if necessary, otherwise click Cancel and you return tot he report.
If you did change the tax code don't forget to use the Re display button to recalculate your figures. If we scroll down towards the bottom, there's a Non Reportable items. It's very important to check through these Non Reportable items to make sure that they are Non Reportable. We can see that we've got some transactions to the NAB Bank. Now, these particular transactions we need to check. Click onto the entry. This message is saying that the transaction's being reconciled.
Changing it could affect our reconciliation. We're not going to change the figures, so it won't change our bank reconciliation. But what is wrong is the tax code. Bank charges under the legislation are free of GST. It won't change our ultimate figure at the end of the report. But it's very important to have the correct tax codes allocated against your transactions for reporting purposes. (SOUND) Remember, DD is a direct debit.
If we now re-display our report, we've now got these particular transactions, our bank charges, up in the free section. So no other transactions were wrong or needed to be changed. We are now reporting our transactions correctly.
- Installing MYOB
- Opening an existing data file
- Setting up tax codes
- Setting reporting preferences
- Saving filters and settings
- Editing and deleting customized saved reports
- Reviewing commonly used reports
- Completing a Business Activity Statement (BAS)