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Posted by Richard on June 10, 2008, 8:26 am
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> osmondridge@gmail.com says...
>> someone@microsoft.com says...
>> > In order to complete last years "Annual GST information report" I need
>> > to
>> > put G2, G3, G10 & G11 numbers on the form.
>> >
>> > I know G2 & G3 are $0 for last year. But I can't get my head around how
>> > to
>> > obtain the G10 & G11 amounts.
>> > What report do I use? or What items on a Balance sheet / P7L do I add
>> > to
>> > figure out G10 & G11 for the year.
>> >
>> > Thx in advance
>> >
>> >
>> >
>> >
>> Richard
>>
>> Have you been using the tax codes (GST for sales with GST, FRE for GST
>> sales, INP for input taxed sales such as interest, residential rent,
>> NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
>> GST in the price, NCI/CAI for acquisitions made for the purpose of
>> making input taxed supplies)? Not to mention if you have wine taxes as
>> well to deal with.
>>
>> If you have been using the codes, then go to Reports>Tax to find the
>> suite of tax reports to help you prepare you BAS/Annual Summary. They
>> include a facsimile of a simplified BAS form (each of the buttons needs
>> to be clicked and the appropriate codes selected).
>>
>> You need a routine to reconcile your entries to your paper records and
>> to make sure all your codes are correctly recorded.
>>
>> The BAS form itself will only work for a quarter, but you can get the
>> Tax Summary and Tax Detail reports to work for a 12 month period.
>>
>> Make sure that your tax preferences match your registration condition
>> (cash or non-cash)
>>
>> If you have not used the codes correctly or at all, you will need to
>> either first correct/enter the codes or you will have to use something
>> like the General Ledger report to calculate your requirements.
>>
>> Or you might like to get some help from your accountant or a QuickBooks
>> expert who know their way around these issues.
>>
>> Bob Williams
>>
> Richard
>
> I should have added
>
> Totals of the codes lead to the form labels as follows"
>
> Value of total supplies/acquisitions (including GST)
>
> GST, FRE, EXP, INP equals G1
> EXP = G2
> FRE = G3
> INP = G4 (not included at this label in simplified BAS, but include in
> G1 above
>
> CAG, CAF, CAI = G10
> NCG, NCF, NCI = G11
>
> If you report G1 as exclusive, make sure you note the flag below it.
>
> 1A = GST (tax only)
> 1B = NCG/CAG (tax only)
>
> You get these totals from the Tax Summary report. Go to Modify Report>
> Advanced and select Non zero for columns and rows to get rid of a lot of
> "noise", and Gross to help with the final numbers.
>
> Hope this helps.
>
> Bob Williams
Hi Bob
Thanks (I think ;-) )
1. I don't deal or sell in wine.
2. I use GST for sales
3. I use NCF & NCG for purchases.
4. The Accountant does the rest.
However ( & This is my prob) he has left me to do the summaries for my 2
companies.
He did give me the numbers for G10 & G11 for one companies form. I jsut
can't work out how he arrived at
those numbers so I can apply same process to company #2's GST Summary.
I'm afaid after reading your info a couple of times, I suspect your thinking
in a lot more depth than I need?
I just want to figure out what report I need to run & which items I need to
add together to get the GST annual report done.
If what your suggesting is correct, no wonder small business in this country
is dieing under the weight of the ATO paper shuffle :-0
Any chance you can simplify it a little for me. FWIW we do CASH basis for
GST. A small retail shop, buying things in & reselling them
We have bought a couple of appliances which are being depreciated.
Thx in advance
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