BAS-I.C small business accounting is designed specifically to be easy for sole traders and small business with a simple layout and display. Preset chart of account options provide 1 click set up for your business revenue and expense accounts including applicable Goods and Service Tax (GST) settings and calculations required to complete your Business Activity Statement (BAS).
Additional initial tax setup options are provided when you click the more icon at the top beside the button. These options allow you to select additional Tax and Account options. Include GST is selected by default and must remain selected for further tax options to be available. For most businesses without employees this will be the only selection required. If you require wages accounts select Include Wages, this will add wage related tax items and accounts. If you have Input Tax Sales select Include Input Sales, if you intend to record Non-deductable or Private Use transactions select Include Private, if you intend to record Adjustments select Include Adjustments.
Preset account options include . To load preset accounts for your business simply click the required button. This will replace any previously loaded preset accounts but any new accounts you have directly added will remain.
You can add a for revenue or for expense or delete accounts to tailor the accounts set to your business. Initially generic accounts are preset however with 1 click you can add the preset account option that best suits your business.
To add transactions to an account simply click the red expense button or the green revenue button to switch between revenue and expense accounts, then click the required account button in the following lines and input the transaction amount. If preset accounts are changed or accounts are deleted any transaction previously added to a now non-existent account will be orphaned and when the display is updated the transaction account name background will be red. Orphaned transactions are not applied in totals, BAS or Summary Views. Orphaned transactions should be edited to a current account or deleted.
Each account has a tax item associated with it and these tax items determine how transactions added to the account are applied in recording Goods and Services Tax (GST) and in calculating Business Activity Statement (BAS) amounts. You can easily add new accounts with the same tax item and give them descriptive names to identify specific revenue/expense steams/types.
Tax items relating to Revenue accounts include:
Tax items relating to Expense accounts include:
Preset accounts set with this tax are Supplies GST, Materials, Telecommunications, Power, Sub-Contractors, Vehicle, Fees and Charges GST, Rent, Maintenance, Other.
You must have a tax invoice to claim a GST credit for purchases that cost more than $82.50 (including GST).
Preset accounts set with this tax are Equipment GST.
Simplified depreciation rules are available for small businesses with aggregated turnover of less than $2 million. Under these simpler rules, you can immediately write off most depreciating assets costing less than $6,500 each ($1,000 prior to 1 July 2012).
Preset Accounts and Goods and Service Tax Settings provides a full list of accounts and tax settings for each preset chart of account option.
BAS-I.C Account Transactions for GST and BAS provides detail on adding, editing and managing account transactions.