GTS and BAS
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Hi,I switched over from MYOB to QBO almost a year ago and I am having trouble recording a BAS payment.I have set up a weekly EFT transfer to my ATO income tax account so that when I lodge a BAS with the ATO they automatically draw money from that account for the payment.I have set up an account in Owner's Equity called "Income Tax Payment", this is the account I record the EFT transfer to the ATO on a weekly basis.My problem is that when it comes to recording a BAS payment in the QBO GST menu for a lodged BAS, under the "from account" dropdown window it will only give me an option to select a bank account and not the Owner's Equity account I have recorded the ATO EFT weekly payment.Have I set this up wrong? Any help would be greatly appreciated :-)
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I do the books for our church, and I love QB Online. Yes, we are a bit old-school and still use cheques for many of our payments. But I find the fact that I cannot record the cheque number for the payment made to the ATO for the quarterly BAS payment quite annoying. It seems so simple and so obvious, I can't believe this was overlooked by the developers. What am I mssing? I like to run a report sorted by cheque number, as others are writing all the cheques, and this is a way to help validate our entries. Thank you for any help or advice you can provide!
We have old data we have not yet processed so there is a list of GST pmts awaiting completion. They are for qtrly GST periods Jul16-Sep16, Oct16-Dec16, etc onwards so I need a workaround please so they clear off and the bank account is duly updated. Any help would be great, Thank you.
I have created a journal entry as suggested that has zeroed out the BAS suspense balance but the payment isn't reflected in the GST centre. Does anyone have advice on what I might be missing?
The example being we are selling tickets (which include GST) for a future event. From my reading the double entries are 1) Credit Bank Account, 2) Debit Unearned Revenue. When the event is happend I can then credit Unearned Revenue and Debit Earned Revenue. The question I have is when would GST be liable given I collect GST upfront but only recognise the revenue later on. Also keeping in mind that there is the ability to cancel tickets (albeit with the loss of a % of the ticket).
