BAS End of Quarter Checklist

BAS End Of Quarter Checklist

One of my clients has asked me for a copy of a checklist for end of quarter processing so that they can ensure that all transactions are entered and they have followed all the steps required to get their BAS processed.

The purpose of following such a checklist is to ensure accuracy of all transactions, to make sure all cash and accrual tranasactions are included so that the information on the BAS is as accurate as possible

We don't want your business to miss out on any GST credits or to understate any income and have to pay more GST or PYAG instalment amount in the future.
If it makes it easier for you, put this onto a spreadsheet and on the vertical and then tick off the columns once each task has been completed each quarter.
End of quarter Checklist:
- Reconcile Accounts Payable – Go to reports, purchases and bring up the ‘Reconciliation Summary’. Check that there are no out of balance amounts at the base of the report. If there is an out of balance amount, you have dated the payment prior to the date of the purchase. This should be rectified.

- Reconcile Accounts Receivable - Go to reports, sales and bring up the ‘Reconciliation Summary’. Check that there are no out of balance amounts at the base of the report. If there is an out of balance amount, you have dated the customer receipt prior to the date of the sale. This should be rectified..

- Send out statements to customers/clients as soon as the quarter is over (it is highly recommended that you send statements out each month as well)

- Reconcile all Bank Accounts

- Reconcile Credit cards

- Reconcile the Payroll Cheque Account

- Reconcile Petty Cash/Till Accounts and Undeposited Funds (if used).

- Bring up the Payroll Summary report and check that the total wages General Ledger Account matches to total wages as per payroll report.

- Bring up the Payroll Summary report and check that the total PAYG General Ledger Account matches to total PAYG as per payroll report.

- Bring up the Superannuation report and check that the total superannuation accrual matches the superannuation General Ledger Account .

- Pay superannuation to individual fundsBY the 28th of each month/quarter end.

- Check Asset Accounts for Purchases. Is the correct GST code shown?

- Check Balance Sheet for overall accuracy.

- Check P&L for the month and the quarter. Anything look out of place or NQR? Are any account balances much higher or lower than in comparison to previous months? If so, have a look at those accounts to determine the reason why.

- Check Loan Accounts for accuracy.

- Check that the previous quarter BAS figures are the same and have not changed.

- Check all BAS reports thoroughly.

- Prepare the BAS.

- Lock the period (ESSENTIAL).