ACCOUNTING FOR GST

23 / May / 2007

MYOB has reports that indicate exactly how much GST has been Collected and Paid for both Cash and Accruals accounting methods.

To calculate GST:

From the Reports menu select Index To Reports
Select the GST/Sales Tax tab
Select the GST [Detail – Accrual/Cash] report
Click Customise
Select All Tax Codes from the drop-down list
Select Both Collected/Paid from the drop-down list
Enter the desired Date From and To
Under the Finishing Tax, select Tax Inclusive for both Display Sale Values and Display Purchase Values
Click Display
All transactions for the period will be sorted by Tax Code. There will be a total Sale Value, Purchase Value, Tax Collected and Tax Paid. These will be the amounts to be entered in the appropriate fields on your BAS.

For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…

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