Check Your GST Basis (QuickBooks)

Check Your GST Basis (QuickBooks)


Summary
During conversion, the Xero Organisation is set up using the GST basis in your source file.
Check this setting and correct it, if needed, before submitting your file for conversion.

NotesNOTE: Ensure the GST reporting basis is set to reflect how you report GST to the Australian Taxation Office (ATO).

QuickBooks Desktop

There are two places to review this setting in Quickbook files: Reports and Company Preferences. Ensure both locations are set to the same, correct GST reporting basis before submitting the file for conversion.

Sales Tax / Tax Preferences
  1. Go to Edit
  2. Select Company Preferences
  3. Select Sales Tax / Tax
  4. Click Reports & Graphs

  6. Company Preferences
  7. Go to Edit
  8. Select Preferences
  9. Select Tax
  10. Click Company Preferences


These settings show whether the file is configured to report GST on a cash or accrual basis and determines how transactions are reported for GST purposes during the conversion. If the GST reporting basis shown is incorrect, update it before submitting the file for conversion.

QuickBooks Online

  1. Select Account and Settings
  2. Go to the Advanced tab
  3. In the Accounting section, 

This setting shows whether the file is configured to report GST on a cash or accrual basis and determines how transactions are reported for GST purposes during the conversion. If the GST accounting basis shown is incorrect, update it before submitting the file for conversion.

Post Conversion: Changing the GST Basis in Xero

Refer to this article for guidance on updating the GST basis in Xero post-conversion.
WARNING: We recommend pausing work in the Xero organisation until the GST Basis has been corrected.
Simply updating the setting in Xero may not be sufficient, and additional adjustments may be required.
The changes involved are technical in nature and ideally be performed by a accounting/bookkeeping profesional.

Reporting Differences

Cash and accrual reporting can differ between accounting platforms. Refer to the Comparing Data – Cash versus Accrual support documentation for additional information.