Preparing BAS in Xero

Preparing BAS in Xero - Part 1

Рет қаралды 49,440

5 жыл бұрын

In today's tutorial I take you through the first step of preparing BAS in Xero which is set-up of the financial settings & chart of accounts.
This is the first part of the BAS preparation in Xero series.

Пікірлер: 17

@fanatamon Жыл бұрын

Great vid thanks, really appreciative.

@sharontariman 4 жыл бұрын

Thank you!! this is very helpful

@jske9 6 ай бұрын

Great video. Thank you 😊😊

@Dana-zp2jj 3 жыл бұрын

Thank you for your video, it's very helpful, I am preparing BAS, everything goes well but the GST on sales and purchases section doesn't appear in the business portal or simpler BAS, which means I cannot enter the GST on sales and purchases in BAS, but I can find 1A & 1B in manual BAS, so I cannot lodge BAS because I can only add and edit PAYG in the BAS, I am confused could you please help me I appreciate that.

@TallBooks 3 жыл бұрын

Hi Dana, it sounds like your business is not registered for GST with the ATO. Simple fix, give the ATO a quick call, let them know when you'd like the GST backdated to and they'll reissue the BAS showing the GST, Sales etc moving forward. If the issue is in Xero, go to financial settings (Accounting>Advanced) and update the GST settings there. Hope this helps!

@Dana-zp2jj 3 жыл бұрын

@@TallBooks Thank you for your reply, I can see the business's GST registration date on ABN lookup, you are right I am using Xero haha, I will call the ATO to check the GST registration and find a specific solution tomorrow thanks for your help

@runoverrun6042 2 жыл бұрын

hello, my business had to pay a "subscription fee with 10% GST included" to Shopify earlier (when it was NOT GST-registered). This transaction was reconciled as "BAS excluded" in Xero. After registering for GST, the company ABN is provided to Shopify. Since then, the Shopify bill no longer charges the 10% GST. So now, the subscription fee paid to Shopify should be reconciled as "GST Free Expenses"? thanks in advance :)

@TallBooks 2 жыл бұрын

Hi there, yes that's correct. As you've alerted Shopify with your abn they will now exclude GST from the price and you can mark the fees as GST free purchases.

@shareeball7965 5 жыл бұрын

HI there, shouldn't bank fees be categorised as input taxed, not GST free?

@TallBooks 5 жыл бұрын

Hi Sharee, not a big difference anymore as input taxed has been amulgamated into GST Free with the Simpler BAS legislation. The main thing is it's not categorised to include GST.

@user-dq5dn6hk7h 9 ай бұрын

Hi, thank's for the informative video. If I'm the director of my business am i also counted as a employee so would need to put a PAYG withheld period? Thanks

@TallBooks 8 ай бұрын

If you're an employee being paid via payroll with wages YES. You'll need to register for PAYG with the ATO first or via your accountant, then tick the quarterly PAYG withheld option in Xero. If you're just drawing dividends/loans/directors fees then no that's outside of payroll and tax is paid at EOFY.

@ujangpeter Жыл бұрын

So if you work with a subcontractor who is not registered for GST, would you classify those payments as BAS excluded or GST free?

@TallBooks Жыл бұрын

Good question. The answer is GST Free, they are still included in the BAS as a purchase, however, they are treated as GST free. (BAS Excluded is used for purchases outside the GST system typically such as wages, loans, director contributions)

@bronsonnathan1185 2 жыл бұрын

Hi mate, iv recently started working as a sole trader and need to do my first activity statement , could i try do the myself or is it best to find a bookkeeper or accountant to do this thanks..

@TallBooks 2 жыл бұрын

Hi Bronson, you can definitely give it a try. Start with our bank reconciliation videos then watch the BAS and you should be fine. If you want to book a training session or have us review it just shoot me an email.

@bronsonnathan1185 2 жыл бұрын

@@TallBooks thank you I will see how I go and get back to you. Cheers