Institute of Certified Bookkeepers
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Accrual Reports incorrectly used for Cash Accounting Lodgements

  • Member in Employment
  • 1 post
  • # 117930

Hi all,

I have a new client who has been reporting GST quarterly on a cash basis to the ATO.  Her mother was doing her books for her (:/) and had set Xero to Accrual basis so all of the lodgements made quarterly (Sept to March) were lodged on a Cash basis but using Accrual reports.

She's asked I fix things for the 2018/19 FY.  I've not come across this before so want to sound out my thoughts on how to do this. 

What I'm thinking I need to do is

>pull the full financial year reports based on a Cash Basis,

>export these, have additional worksheets which identify any items that have already been accounted for (in both the 2017/2018 FY and the March 2018/2019 Quarter).

>deduct any of the already reported on items in point 2 from my full fin year cash based reports.

Does the above sound correct? Have I missed anything? Is there anything esle I should look out for specifically? 

Any feedback would be much appreciated.

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