awb123

Should BAS be submitted yearly or quarterly for a small business?
What is the most efficent way of doing it?
Thanks

30.06C

Quarterly, I find that it becomes to much of a big job to do it yearly.
I would stick to quarterly.

nolimits2wealth

Yes I agree, quarterly!

__________________
Business Opportunity

bc-wholesale

I have tried yearly and it was a disaster.
Go for quarterly

Elven

I worked up an Excel workbook that can handle small volume invoicing - less than 200 per month. It produces a customizable invoice, and from that keeps track of the totals and GST.

Dropdown lists for the dates and BAS descriptions.

The date range for the period is easy. Enter the first date of the period, then run a series to the last date.

Descriptions are another list that fills out a dropdown.

The dates are done more efficiently than typing. No miskeys in from a dropdown list.

Enter the company, the amount, and the spreadsheet calculates inclusive GST, and the remainder. Then use another dropdown for your Description. No errors, and complete consistency from month to month.

The workbook covers all the bases if you're using the Accounts method for BAS statements. It's a little more complicated if you're using the Worksheet method.

Elven

__________________
Anything to do with the Web: Internet research, SEO/SEM, blogging, ADSL and cable, networking businesses and database access/design, commercial websites, programming in .NET, Java, Javascript, Ajax, CMS systems like joomla, etc.
After 15 years as a contract programmer, the Web became the focus about 12 years ago. Feel free to contact me anytime by email.

Maffia

That system sounds good elven,
Ever considered MYOB, works a charm.

Elven

This system is for those who don't want to learn MYOB.
I train on MYOB on contract. This guy presented me with a problem: he didn't want to learn an accounting system, but needed to automate his BAS reporting.

I looked over the paperwork and the BAS requirements. This system fulfills the Accounts method at the bare bones level, and he can see everything right in front of him month by month.

Elven

__________________
Anything to do with the Web: Internet research, SEO/SEM, blogging, ADSL and cable, networking businesses and database access/design, commercial websites, programming in .NET, Java, Javascript, Ajax, CMS systems like joomla, etc.
After 15 years as a contract programmer, the Web became the focus about 12 years ago. Feel free to contact me anytime by email.

unimag

Good Work Elven!

Elven

That's what you get when you get a bored programmer over a long weekend.

Elven

__________________
Anything to do with the Web: Internet research, SEO/SEM, blogging, ADSL and cable, networking businesses and database access/design, commercial websites, programming in .NET, Java, Javascript, Ajax, CMS systems like joomla, etc.
After 15 years as a contract programmer, the Web became the focus about 12 years ago. Feel free to contact me anytime by email.

David McIntosh, CA

Greetings all,

I am a chartered accountant in Sydney.

As an accountant, using a methodology for BAS is entirely up to you. If you are good and can keep on top of it, excel is more than adequate.

MYOB is better for overall accounting as it gives you reconcilliations for customers and suppliers, helps you keep a track of your bank and will run your BAS reports at the press of a button.

Dont be daunted by MYOB, it might look scary, but it's a program that allows you to take a big process and break it down into small easy manageable steps.

As for Monthly/Quarterly/Yearly BAS, I would advise Quarterly as the yearly BAS is a bit more complex and covers a long period. The ATO may require you go to monthly BAS but only when your income is too high.

Feel free to email me if you like, I can help with many things.

Regards,

David McIntosh
Chartered Accountant