BAS doesnt match with Profit/Loss Report

Andreas

The concept of total supplies (GST) and accounting income are not necessarily connected. You may have sold an asset and used the GST codes, or bought an asset using the CAF and CAG codes.

Secondly, you may have missed the fact that the BAS populates with an inclusive figure (unless you toggle the radio button regarding what is included at G1. That will mean that your total income and G1 will never be the same, because accounting income does not include the GST collected on behalf of the government - it is not yours.

Thirdly, you may have misapplied the codes in your original documents (e.g. NCG used on sales documents, GST used in purchase documents). A clue to this is to run the Tax Summary report - ensure that all columns have 0.00 on the correct line (GST, FRE, EXP, INP are Outputs, NCG, NCF, NCI, CAF, CAG, CAI are inputs - but inputs come from purchase documents and sales from sales documents). Look out for incompatible codes being used together here.

Fourthly, you may have used General Journal entries and not selected the correct radio button to choose input or output.

It is not a bad idea to find a Quicken Accredited Consultant to help you with this. Try

and go to Training and Find a Trainer. Search for your region and select someone you think might be able to help. You will find a small investment now will help you in the future.

Bob Williams

Hi Bob, thanks for your reply.

I think I found what caused the problem.

I have got an account of the type "Fixed Asset" into which I enter all my assets such as computer equipment above 300 AU$. When I enter them, I normally use the CAG code. If I understand you correctly, these assets are not being included in the accounting expenses as they are an asset, not an expense? This would seem logical to me.

Now, while looking at that, I noticed a major mistake I made for some of those entries. Since July last year I purchased 4 new fixed assets and to all of them I assigned the GST code, instead of the CAG code. Now I could just go and change the codes, but I presume that it is not that easy, seeing I have already submitted my BAS statements for the last year.

Have you got any idea how I could fix that problem? Or is it worth getting in a Quicken Trainer for that? I actually already had a trainer in once who set up the system for me, but of course that doesn't help if I simply forget to assign the correct code. :)

Thanks for all your help.

Andreas

From experience, it is best if you get someone to do this for you. It needs a couple of journal entries to adjust the next BAS provided it does not involve more than $5,000 of GST in total in the BAS. Otherwise you should change the information in QB and resubmit the BAS from the previous affected periods.

Again, get someone who knows to help you with this. I might be able to recommend someone if you would like, I know them well. But I need to know your location. Email me off list at bobatosmondridgedotcomdotau.

Bob