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      Prepare your GST & BAS statements 

      Overview:

      • Learn how to prepare your GST and BAS statements for Australia in Wiise.  

      Why do we prepare GST & BAS statements? 

      Your business may need to complete business activity statements (BAS) to report on taxes and make payments to the ATO. The BAS you submit to the ATO helps you to report on taxes like GST and PAYG withholding.  

      How do we prepare GST & BAS statements? 

      There are two steps to prepare GST & BAS statements. See instructions below: 

      GST and BAS Report configuration for Australia 

      1. GST Report Configuration and Setup 
      2. BAS Report List Setup 

      1. GST Report Configuration and Setup

      1. Search GST Reports Configuration on the top right-hand corner of your Wiise landing page. 
      2. Select the related link and you’ll be taken to the GST Reports Configuration page.
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      3. Select Edit List to update the fields.  
      4. Select a new row and from the drop-down menu, select BAS Report as the GST Report Type. 
      5. Update the BAS Report fields with the following: 
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        1. Update Validate Codeunit ID: 0. 
        2. Update Specifies the name of the GST statement template: BAS. 
        3. Update GST Statement Name: DEFAULT. 
        4. Select and enable the tick box for Post Settlement When Submitted box. 
      6. You’ve now configured a BAS report in the GST Reports Configuration.  
      7. Next, set up the BAS Report list.  

      2.     BAS Report List Setup 

      1. Search for BAS Report List on the top right-hand corner of the Wiise page.  
      2. The BAS Report List displays a list of all set-up BAS Reports in Wiise.  
      3. Select +New to create a new BAS report. 
      4. In the General section, select the 3 horizontal dots to generate the sequential No.series for the BAS Report.  
        1. Update the Version field as CURRENT. 
        2. The Start Date and End Date are automatically populated. 
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      5. Select Process. Then select Suggest Lines.  

        Note: Suggest lines create GST report entries based on the information gathered from sales and purchase documents. 
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      6. A GST Report Request Page is displayed with pre-populated information. Update your field information and select OK, to continue.  
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        1. Select Include GST entries as Open. This means only GST entries not included in a previous BAS are included in this BAS report.  
        2. Select the second row Include GST entries as Before and Within Period. This allows any GST entries to be included in this period if they were accidentally posted into a closed period.  
        3. Select BAS as the GST Statement Template.  
        4. In the GST Statement Name, select the Wiise template that was set up for your business.  
        5. For the Period Year, Period Type and Period No., select the relevant options for your BAS period.  
        6. Input the Start Date and End Date for your BAS reporting period.  

          Note: Enable the Amounts in Add. Reporting Curre. toggle button if you want to report amounts in the additional reporting currency. 
        7. Select OK to continue.  

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        Note: The Report Lines section is populated with the transactions of the requested period made with Suggest Lines and cannot be manually changed.  
      7. Well done, you’ve now generated a BAS Report for the selected period.  

      Note: When you create GST statements for your BAS report, you need to update the Box.No. values. Type in the specific numbers representing different transaction categories or tax amounts.

      For accuracy, follow the guidelines provided by your tax authority for the Box.No. values. 

       

      What’s next? 

      Find out how to prepare and complete your pay run. 

       

      Need more help?  

      No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.