ACCOUNTING FOR GST

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

To calculate GST:

  1. From the Reports menu select Index To Reports
  2. Select the GST/Sales Tax tab
  3. Select the GST [Detail – Accrual/Cash] report
  4. Click Customise
  5. Select All Tax Codes from the drop-down list
  6. Select Both Collected/Paid from the drop-down list
  7. Enter the desired Date From and To
  8. Under the Finishing Tax, select Tax Inclusive for both Display Sale Values and Display Purchase Values
  9. Click Display
  10. 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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