What is the BAS Expense account in the chart of accounts used for?
please confirm if my understanding is right about ATO Clearing account.
once a client finalize the quarterly BAS including GST , PAYG w/h and sometimes installment, a Journal entry will be automatically created by quickbooks to bring the balance of these above items into ATO Clearing account.
client will only need to pay this amount balance in ATO Clearing Account to clear off all bills. the payment once made will be allocated to ATO clearing account.
is that right ?? please advise. i am a new Quickbooks user so still learning