Your MYOB BAS Checklist
Need an MYOB BAS Checklist? Well, this article contains two of them.
By: Corporate Training Options, Australia
BAS preparation time can be stressful, as it is a busy time and there are often multiple tasks competing for your attention.
Prior to lodging your Business Activity Statement, your financial data needs to be checked and corrected. The first MYOB BAS Checklist below will help you prepare and audit your accounts prior to completing your BAS.
The second MYOB BAS Checklist below will then walk you through the steps to set up your online BAS lodgement within the MYOB AccountRight software. You only have to do it once. After that, lodging your monthly or quarterly BAS returns with MYOB will be a quick and easy task.
MYOB AccountRight software makes BAS preparation and the lodgement process easy, and will give you fast lodgement confirmation from the ATO.
A Systemised Approach
Allow yourself uninterrupted time to prepare and process your BAS. Having a systemised approach and using checklists will allow you to stay organised and ensure no steps are missed.
Accuracy is Vital
When your BAS preparation is done correctly you will save time and not have to repeat steps. Simple processes, such as checking all line items in your BAS reports, will ensure your BAS is accurate when it is lodged.
Investing in MYOB training will allow you to make the most of your MYOB software, ensuring you have a strong understanding of the software tools and can make sure it is correctly set up. You will also be introduced to processes and checklists to make life easy.
MYOB BAS Checklist # 1
Steps to Completing your BAS using MYOB
Use the following MYOB BAS checklist to take out the stress and keep you organised at BAS time:
- Ensure that all transactions for the quarter are entered and reconciled to your bank statements
- Check that wages and all other expenses have been entered
- Ensure that all of your payments are entered, your invoicing is up to date and your purchases are entered
- Check that debtors and creditors invoices are reconciled. Review and print your debtors and creditors summaries.
- Review your tax code exemption report and check tax codes on all transactions
- Ensure that all GST items claimed are actually claimable
- Review any invoices with large GST amounts
- Print a GST Cash summary report and Balance Sheet, and reconcile to GST accounts on your Balance Sheet
- GST collected must balance to GST collected on your Balance Sheet, less debtors GST
- GST paid must equal GST paid on your Balance Sheet, less creditors GST
- Purchase and / or trade-in details of business motor vehicles must be up to date
- Purchases of capital assets need to be recorded
- Overseas purchases need to be recorded correctly and have the correct GST status
- Owners drawings must be entered correctly
- Cash expenses are to be entered
- PAYG must be reconciled
- Check that tax invoices are accurate and have the correct ABN and GST status applied
MYOB BAS Checklist # 2
Lodging Your BAS Online
Once you are satisfied that your figures are up to date and agree with your financial reports, you can lodge your BAS online and receive confirmation of lodgement from the ATO within seconds.
Before you can lodge your BAS online you need to have nominated MYOB as your online accounting software, and set up your Business Activity Statement fields.
- Start MYOB AccountRight and open your online company file
- Click “Prepare BAS/IAS” in the Accounts Command Centre
- From the “Lodge Online” tab, click “Prepare Statement”
- You will then be prompted to sign in to your MYOB Account
- The Activity Statements window will appear, and you can click on the Statement you need to work on
- The details will be retrieved from the ATO and the form to complete will appear
- Review the details that are already filled in for you. You can make adjustments if necessary
- Enter all the amounts you need to report, into the relevant fields
- Click “Validate” to check you’ve entered the required information
- If there are no errors, click “Prepare to Lodge”
- A “Validated Successfully” message will appear at the top of your Activity Statement
- If no changes are required, click “Lodge”, review the declaration, then click “Lodge” again
- You’ll see a notice form the ATO advising that your form has been lodged
- Remember to take a note of the BPAY Biller Code and Customer Reference Number, so you can make your payment
- You can also download a pdf copy of the statement for your records
Put Your MYOB Skills in to Overdrive
Investing in structured MYOB training will save you time, stress and worry. You will be more productive, and can will be confident that your accounts are being completed accurately.
For expert training, support and information on our MYOB courses and training please contact us at Corporate Training Options today.
About Corporate Training Options
Corporate Training Options is an Australian Professional Development Training Company, incorporated in 1992.
Our customised Professional Development courses are available Australia-wide, for business executives and corporate teams, and provide a cost-effective way of ensuring you and your staff are presenting your best image to the world.
CTO Professional Development Training courses are customised to meet your requirements, and your training is provided on-site, on dates which suit you.
We look forward to working with you, to build your confidence, improve your efficiency and maximise your potential.
For more information on the range of Corporate Training Courses available, please visit the CTO website here
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