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Common BAS Problems and Errors
The June BAS provides an opportunity to check that all transactions and tax codes have been correctly allocated for the entire year and pick up any adjustments needed for the year.
Even if you are in the habit of completing a full GST reconciliation each quarter, unlock the accounting file for the whole year so you can easily check transactions and edit where required.
There are so many rules to take care of that it is easy to miss something in a prior period. At the June BAS, take a little extra time to review the entire year of transactions and correct any errors.
Reconcile any account on the balance sheet that you can to ensure liabilities are reported correctly.
Things to check before preparing the June BAS:
Compare lodged BAS to current BAS reporting and note discrepancies against sales and purchases.
Check all clearing and contra accounts are zero.
Check payments to ATO are allocated to correct GL accounts.
Check asset sales and purchases are entered correctly.
Check accountant journals that affect control accounts.
Check reversing journals are correct.
Check insurance transactions contain stamp duty as not reportable.
Check tax codes for overseas suppliers – many are now registered for GST in Australia, but many remain GST free.
Check data imported automatically from other applications has correct tax codes and GL allocations.
Check new suppliers ABN and GST registration against software.
Check GL and tax code exception reports available in your software.
Reconcile balance sheet accounts: accounts payable, accounts receivable, superannuation, PAYGW, wages and finance arrangements.
Check payment gateway fees – overseas suppliers may be GST free.
Check the ATO GST limit on purchased vehicles has been observed.
Check inter-entity loans have the same balance in both entities' accounts.
Remember to visit the
AAT EOFY Resources
page for Workflow Tracker, Payroll and BAS Reconciliation, and Tax Agent Information templates you can customise to your needs.