Maintenance Tasks

9.5.2 Journal Entries: Payment of BAS

The simplest way to enter a payment of BAS is to use Mclowd’s Bank Data Feed.  Having paid the amount due to the ATO, you should see an entry on your bank statement that you can allocate automatically.

BAS payment via data feed

 

 

Mclowd will automatically post the payment to 2-2100 Sundry Creditors.

Alternately, you may choose to enter the payment of BAS via a journal entry.

The following example illustrates recording of your BAS payment to the ATO using a Journal Entry.

In the example shown in 9.5.1 ACCOUNT MAINTENANCE: JOURNALS – BAS RETURNS our sample Fund owed the ATO $915.96. This would have been rounded, on your BAS return, to $916.

To enter the payment (and the rounding), create the following Journal crediting the amount paid to the Bank Account from which the payment was made and debiting to 2-2100 Sundry Creditors.

BAS payment

 

 

 

 

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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