Description

MYOB AccountRight BAS and Reporting Course Topics

Once you’ve completed your bank reconciliation, most of the hard work is done. If you’ve entered each transaction into the correct account (from the Chart of Accounts) and it matches your bank statements, then all you need do is extract the data you’re looking for.

If you have allocated the correct tax codes to each transaction and entry, you’ll find that the GST payable and collected will be automatically reported. All you need to do is then transfer this information to your ATO document (or online via the Business Portal).

Financial Reporting in MYOB AccountRight

Most of the reports you need for your business are standard for the accounting industry and include reports to demonstrate your assets vs liabilities (Balance Sheet), cashflow and profit & loss (income and expenditure). If your source data is entered correctly, you’ll learn how MYOB takes that data and produces the reports for you. If you need to work with those numbers or produce forecasts you can export to a spreadsheet program like Microsoft Excel to modify as you please.

• Balance Sheet
• Profit and Loss
• Cashflow

Who should do this MYOB Reporting, GST and BAS Course?

The MYOB Reporting, GST and BAS online training course teaches you how to get the useful information that has been entered into your system once it has been set up, data has been entered and it has been reconciled to match the real world (ie. your bank account).

This course provides practical tasks to show you where the information is stored, where to get the information you need for your BAS report and other reporting features that the banks and other financial institutions require; like Balance Sheets and Profit and Loss statements.

Although this course can be completed on a stand alone basis, it’s best completed as part of the course sequence to allow you to cement the elementary day-to-day skills — and see how the information ends up at the reporting end, which is what the ATO wants.

Course Summary

 

Our MYOB AccountRight GST, Reporting & BAS Training Course builds on our MYOB Bank Reconciliation Course. It explores a full quarter worth of transactions using a case study which features a budding entrepreneur.

The following topics are included in this course:

• GST treatment for capital purchases (a vehicle)
• How different costs of running a vehicle are treated
• When FBT applies to expenses like entertainment
• Introduction to Payroll & how wages are treated in the BAS
• Financial Settings with regard to the GST registration (Cash vs Accrual and quarterly vs monthly)
• Run a BAS report, which is combined with our specially-designed “Ad Hoc Payroll” Excel spreadsheet case study calculations in order to work out the final liabilities
• See the financial results of the business owners ‘change of strategy’ and focus
• You’ll see what these results look like at the end of the quarter, as well as month-by-month comparisons of Profit and Loss and Balance Sheet reports
• How the business owner can use the information in the reports to change the direction of the business and
• Configure their software to obtain even better reports at the end of the next quarterly reporting period.

We’ve chosen this case study because it enables us to include a bunch of transactions that make GST and BAS reporting tricky; including:

• purchases which are GST-free,
• those which have partial GST, or are
• international payments.

Varying GST Transactions

It includes capital purchases (a vehicle) and how the different costs of running a vehicle should be treated, as well as expenses like entertainment; when FBT applies and an introduction to Payroll where you’ll explore how various aspects of wages are treated in the BAS.

BAS Report and PAYG Introduction

After correctly coding the transactions, you will customise the Financial Settings of a Business in Xero with regard to the GST registration (Cash vs Accrual and quarterly vs monthly).

You’ll run a BAS report, which is combined with our specially-designed “Ad Hoc Payroll” Excel spreadsheet case study calculations in order to work out the final liabilities.

For Micro & Small Businesses you can use other tools like Excel Spreadsheets to perform calculations of obligations like PAYG and then enter the transaction into your accounting software.

As you progress through this course you’ll see the results of the business owners ‘change of strategy’ and focus for the business. You’ll see what these results look like at the end of the quarter, as well as month-by-month comparisons of Profit and Loss and Balance Sheet reports.

Decisions Based on Financial Reports

At the end of the course you’ll learn how to analyse financial reports and interpret the data to provide information to the business owner to help him improve the business, as well as how to configure the software to obtain even better reports at the end of the next quarterly reporting period.

Apart from performing all of a businesses compliance requirements, decision making is one of the biggest reasons for business to maintain detailed records and use computerised accounting software.

Case Study: The Messy Startup

In this course you’ll help Jerry finalise a quarter of transactions by entering tricky transactions so the bank account reconciles and that includes an introduction to Payroll for a micro business utilising ATO Pay Tables to calculate and enter payroll information to report in the BAS.

This is a startup business where Jerry opens a business bank account and starts multiple businesses to earn an income that replaces his corporate salary. He has a family to support and doesn’t have a lot of time or desire to do his own bookkeeping – he could be your next employer or client!

Learn more about this Advanced Bookkeeping Course case study