Processing a BAS Return

At the end of a BAS reporting period, if your Fund is registered for GST, you will want to total the GST payable/refundable, add any PAYG payable, and file a Return in accordance with legislation. You will also want to move GST Payable/Refundable for the period to a consolidated BAS Payable/Refundable account, rounding the balance and moving any excess cents to the Overs/Unders Account so that the amount owed to/from the ATO matches the amount shown in your General Ledger as BAS owed/owing.

Step 1: Print the 2-1030 GST Payable/Refundable General Ledger Account for the reporting period.

Click the REPORTS tab and scroll to Other Reports to select General Ledger.

Click the CHANGE FILTER button.

In the Accounts field, select the Account 2-1030 GST Payable/Refundable

In the From Date and To Date fields, select or enter the first and last date of the reporting period.

Click the GENERATE REPORT button.

Mclowd will display all the GST paid and claimable entries for the period in question.

GST paid on expenses will show as Debits.  GST received with income will show as Credits.

The Closing Balance should be the amount your Fund owes the ATO (if Credits exceed Debits) or the amount the ATO owes your Fund (if Debits exceed Credits)

A Journal Entry is required to transfer this amount to the BAS Payable Account.

If your Fund is liable to pay a PAYG instalment, add a Debit to the Journal Entry