GST Reconciliation Report for Accrual Purposes

Modified on Wed, 21 Feb at 12:05 AM

GST Reconciliation for Accrual Purposes allows you to prepare your BAS for the relevant period for reporting to the ATO. For more detailed information refer to the GST Accrual Reconciliation video found in the Client Services Centre.

Note: A video outlining this process is embedded at the end of this article.

Access: Main menu > Accounting > General Ledgers > Reports- This Year and Last Year > GST Reconciliation Report – Accrual Accounting

If you pay on a quarterly basis, you select the relevant period, for example 1 to 3. In this example we are reporting for a month, we will select period 1 to 1.
The Pay Date From/To is the reporting of your PAYG. In this example we select 1 July to 31 July 2018. If reporting for a quarter enter the relevant dates or alternatively if the last month of the quarter only enter that date.
Company is simply the company we are reporting on, in this example “1”. If you have more than one company you report for, you need to produce the report for that company and select for example company “3”.
Hit OK and this will merge the document in Word.

The First page of the GST Reconciliation Report is the Summary page which assists with your calculation. It is not populated automatically however allows you to complete the figures from the report prior to transcribing onto your BAS statement or lodging through the ATO portal.
The second and subsequent pages break down into a number of tables the figures to assist with calculating your GST payable
Table 1 looks at Income
Table 2 is the summary of the GST Control Accounts and the movement
Table 3 has the Transaction Summary based on input from LawMaster. For example, credit vouchers entered and debt transactions for invoices raised. You will need to also see if any DE or JRNL transactions have been added and manually adjust your GST figures. The movement figures for GST – Input Credits and GST – Payable will match to the figures below.
Table 4 details the Journal Summary of all the transactions to the GST account.
Table 5 is the Summary of Creditors entered
Table 8 is the PAYG summary
Table 9 is any Invoice Exceptions

Calculating GST

GST Payable - Income

Substantiating Report

Refer to the Debtor Transaction Enquiry to confirm figures are correct.

Access: Main menu > Accounting > General Ledgers > Debtors > Enquiry > Debtor Transaction Enquiry.

Report for the same period for your GST Reconciliation Report e.g. Period 1 to 1.

GST - Input Credits (Paid on Purchases)

Substantiating Report

Refer to the Print Creditors – GST Reporting Accruals.

Access: Main menu > Accounting > Accounts Payable > Reports > Print Creditors - GST Reporting Accruals.

Report for the same period for your GST Reconciliation Report e.g. Period 1 to 1.

PAYG

Substantiating Report

Refer to the Print Cumulative Earnings Summary

Access: Main menu > Payroll and Personnel > Reporting > Print Cumulative Earnings Summary.

Report for the same dates as per your GST Reconciliation Report e.g. 1 July to 31 July 2018.

GST Journal

After you have completed your BAS, process a journal in LawMaster to the GST Control Account for the GST amounts, so you know what is payable to the ATO. It is recommended that you enter the journal for the period you are preparing your GST Reconciliation Report e.g. in this example we are processing the report for period 1, so the journal will be entered in period 1. If we are processing the report for periods 1 to 3, the journal will be entered in period 3.

Access: Menubar > Transactions > General Ledger Journal Input.