Check Your GST Reporting Basis (MYOB)

Check Your GST Reporting Basis (MYOB)


Summary
We set up the Xero organisation based on the accounting basis configured in your source file. We recommend checking this setting and correcting it if required before submitting your file for conversion.
Notes
NOTE: Set the accounting basis to match the GST reporting basis used for your filings with the Australian Taxation Office (ATO) or Inland Revenue (IRD).

Checking the Accounting Basis in MYOB

MYOB Desktop

To check whether the company file is set up on a cash or accrual basis:
  1. Go to Setup
  2. Select Company Information
  3. Click BAS Info

You will see whether the file is configured with an accounting basis of cash or accrual. This setting determines how transactions are reported for GST purposes during the conversion. 
If the accounting basis shown is incorrect, update it before submitting the file for conversion.
Warning
WARNING: This check is especially important if the file was exported from MYOB Online.

MYOB Online

To check the accounting basis in MYOB Online:
  1. Click your Settings
  2. Select Report Settings
  3. Click Business Settings

You will see whether the file is configured with an reporting basis of cash or accrual. This setting determines how transactions are reported for GST purposes during the conversion. 
If the reporting 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
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.

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