How do I make an adjustment to my GST liability when completing my BAS?
My accountant has advised due to changes made during my EOFY report I need to make an adjustment on my BAS. She suggested to just make an adjustment in entry item G7 but as I use simplified reporting I don’t have this option?
I need to be able to increase the G1 ‘total sales’ but I can’t change this. How can I account for this in QB?
The G1 amount is summed up from the total GST of all sales transactions that have GST. If you are missing some of the G1 amount, you will have to find the transactions that are missing and include GST into them, or recreate the missing transactions to 'increase' the G1 number.
For more information, you can check on these articles:
The accountant has just advised a figure I need to increase my GST liability to not exact transactions. Eg. I need to increase the total G1 amount by $1000 and therefore will have to pay another $100 in GST
Therefore I am unsure about extract transactions
Am I correct in thinking I will need to create a journal entry as “sales” to record this?
If you would like to increase G1 on your BAS, you can create a sales transaction like invoice or sales receipt and make sure that a GST code is assigned to the transaction. Once entered, you can try to check your BAS amounts again.
Let me know if you need further assistance. I'll be around to help.
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