GST - audit report to show GL adjustments made after lodgement of BAS
Often we lodge our BAS/GST return with the ATO and subsequently find errors in coding of GST or need to add transactions. This means the balance of GST accounts changes and no longer agrees to the BAS that was lodged. Trying to reconcile what changes have been made is near impossible. This is problematic in the event of ATO audit as we need to be able to show full transaction support for the BAS lodged.
Quickbooks Online has a great feature that deals with this. It generates the BAS, and once lodged you can click 'mark as lodged'. If you subsequently make changes in the period that affect GST, it includes those in a subsequent period's BAS as "prior period adjustments" and can produce a detailed audit report of those transactions. It means that for any BAS ever lodged, it can produce a report of exactly which GST transactions are included in the BAS lodgement for the period.
It would be great if Xero could do the same!
thank you
Shane Mackenzie
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