Complete a BAS return

Assuming you have enabled your Fund for GST and recorded income and expense transactions that include GST (refer to Automated GST Management, Property Rental income with GST and Record GST on expenss invoices), at the end of a period, you will want to complete a BAS return.


GST amounts included in receipts and GST paid (and claimable) on expenses will have been recorded by Mclowd to Account 2-1030 GST Payable/Refundable.



Note that in Accounting, the account displays all transactions for a selected financial year.

You will want to run a General Ledger Report, selecting only the relevant reporting period and only Account 2-1030 to see the relevant transactions.



Mclowd displays the relevant debit and credit transactions:



You will typically report the amount shown in the DEBIT column as GST paid on expenses and the amount shown in the CREDIT column as GST on Sales.

The exception to this is if a Credit amount results from a refund or credit on an expense, in which case you would manually deduct that credit amount from both Total Credits and Add it to the Total Debits.


Your BAS Return should show either a Refund Due of the Closing Balance amount (if Debits exceed Credits - i.e. the Closing Balance is a negative amount)

OR

A Payment due of the Closing Balance Amount (if Credits exceed Debits - i.e. the Closing Balance is a positive amount)


You now need to make a journal entry as follows:



Your GST Payable/Refundable Account should now show a $0 balance for the subject period.




 If your Fund is entitled to a refund, the amount in the top row (GST Payable/Refundable) would be a Credit, reducing the total owed.

If little or no PAYG is payable, you may be entitled to a net refund, in which case you would DEBIT the total BAS to 2-2100.