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In September we concentrated our efforts on several new features. One of these new features was a new report to help you with your Business Activity statements for the ATO. If you click on the reports menu, you will see 2 new options to generate an activity report on your GST. The simplest of these reports is the summary, which will show you the 6 values that most simple businesses need to complete their BAS. These are the total amount of sales and purchases made, plus the amount of GST collected or paid and any tax free sales and purchases that we made.
If your business requires reporting on export sales or capital purchases, we recommend you track these using our categories, and clicking the “View by Category” report to get these amounts for your BAS.
When you first display the report we default the accounting method to cash reporting. This method of reporting is what most of our customers are reporting on. If you don’t know what method you are using then please consult your accountant. You can also refer to my last blog entry that explains the different methods in some more detail.
What does this mean to the small business owner when using Plumsale. If you are reporting on a cash basis and receive part payments over more than one reporting period then do not worry, Plumsale is smart enough to calculate the portion of GST that is to be reported on in each reporting period.
Its not only the tax man that these reports are handy for. These are a great way to see how your business is tracking, what categories of products or services are selling well, or where you are spending most of your money.
Our next reporting feature will be delivered over the next few months we will be a profit and loss statement, which will allow you to see over time how your business is performing. This report will be very similar to the Business Activity report but allow you to see month on month or quarter on quarter amounts.