Could we please have reports of Payables with Tax and Receivables with Tax as per AccountRight included in Essentials?
I think that most Essentials customers report GST on a cash basis. One of the...
In MYOB Account Right you can do a report for payables or receivables "with tax". This is useful when the financials statements are prepared on an accruals basis, but GST is on a cash basis. In these situations, in order to reconcile your GST to your BAS you need to remove the GST on debtors and creditors, and in Account Right the payables/receivables "with tax" report gives you the GST to remove. In Essentials, you have to check every invoice on the list to see the GST as no such report exists.
Therefore my request to MYOB if for Essentials to have the "with tax" report available.
I realize that you can do GST reports as cash or accruals. This wouldn't help me. At year end we need to know how much GST is in payables and receivables at 30/6 - sometimes this is easy because all sales have GST, but if it is a mixed business it is not. Using the GST reports will not tell me how much GST is in the receivables/payables at a point in time.
Even if you look at the difference between the accruals and cash reports, what about the timing differences from the previous quarter? This will not work.
Having the "with tax" report just like in Account Right is the simple solution. Thanks