You can use the BASlink feature to prepare your Business Activity Statement (BAS) or Instalment Activity Statement (IAS).
Before you begin, you need to set up your activity statement information. If you've upgraded from AccountRight Classic (v19 or earlier), you can import your previous BASlink setup file.
In the Lodge Manually tab, select the last month of your reporting period.
The AccountRight BASlink window appears.
Click the Setup and Link buttons next to the applicable fields to set the information that will appear in them. Click on a field label for more information about a field.
Once you've completed your activity statement you need to record the ATO transaction. If you owe money to the ATO you'll record a Spend Money transaction. But if the ATO owes you a credit, you'll record this as a Receive Money transaction.
Information you'll need
Use the transaction you printed at step 8 in the 'To prepare your activity statement' procedure above to work out what to enter in the transaction. You could also look at the back sheet of your activity statement to get this information.
The table below has a brief description of the BAS fields and whether they need to be entered as positive or negative values.
Account number example
In Spend Money the entry is +/-
Goods and Services tax payable
This is the GST that you have collected.
Goods and services tax paid
This is the GST that you have paid.
Wine Equalisation tax payable
This is the amount of Wine Equalisation tax that you will need to pay if applicable to you.
Luxury car tax payable
This is to record the Luxury car tax that you will need to pay if applicable to you.
PAYG withholding payable
This is the total amount of PAYG that is withheld from employees and subcontractors. This field also includes amounts withheld for No ABN and also No Tax File Number.
This is the prepayment of PAYG, which is based on total Income and the instalment rate that is set on your BAS/IAS form, or an instalment amount.
Fringe Benefits Tax Instalments
This is a prepayment of Fringe Benefits Tax based on a projection for the year.
Deferred Company funds Instalments
This field relates to those who are liable to pay deferred instalments under the company or fund instalment system.
Adjustments and Rounding Account
The BAS requires that whole dollars be reported, so some manual rounding of cents will be required. We suggest that you create an adjustments and rounding account to record the manual rounding of these adjustments.
To record the transaction
Here's an example Spend Money transaction:
Here's an example Receive Money transaction: