Help with GST owed

[ozstar1]

Hello,

Sorry this is so elementary!!!

I have QB 7.4 and I am going nuts here!

I am trying to work out how much GST owed.

My Reports for..

Tax Liability and also Tax Summary shows..
GST on Sales 8,291.48
GST reclaimed 6,460.27
Net GST 1,831.21

My Supplier Report for Aust Tax Office shows qtrly payments made total.. $1881

Do I deduct one from the other or ar my payments already included in the Tax Liability/Summary?

I have bought QB 2003 and will use it from next July.

Do it's GST reports show GST owed, GST paid to suppliers amd then GST paid to Tax dept in Qrtly payments?

Thanks,

Suzanne

[gibbo]

The BAS ithing n 7.4 was useless. What you need to do is this.
1. Set up a Custom Transaction Detail Report by date. Alter to display TaxCode. Remove Split and Balance. Set to show last financial quarter. Save this to the taskbar.
2. this report will now show every transaction and the tax code you used. The tax codes begin about half way down, as the top half do not use tax codes in those transactions. Go through every line, checking that you are sure you have the correct code.
3. Do your Bank reconciliation.
Now you have everything balanced and the correct codes in place, pull up the Tax Summary report. Ensure that you have Cash or Accrual ticked as is apprpriate. From Modify click on Advanced and Dispay non-zero columns. You can choose either grosss or net (but do read the warning for gross). Use this report to get the info for entering onto your BAS. It gives the amounts for each tax code and the GST amounts for Sales and Aquisitions.
Simply deducting one from the other as you suggested is not actually the best way - and it certainly will not be correct if you are using cash accounting. Let QuickBooks produce the amounts and use them.
Also do a verify frequently - 7.4 was notorious for having data corruptions.