O'Reilly logo

Learn Bookkeeping in 7 Days: Don't Fear the Tax Man by Rod Caldwell

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Day 6: Completing your quarterly BAS

Key terms and concepts

Cash accounting: defined by the Tax Office as a modified cash accounting system where income and expenditure items are accounted for when the cash is received or paid.

You must never claim a GST credit for private use.

So far we have classified our business transactions through the chart of accounts, recorded them using journals and ledgers, and proved them through a trial balance and bank reconciliation.

However, up until this point we were dealing only with cash transactions. In day 5 those of us who need to account for the purchase and sale of goods made on credit terms were introduced to another set of special journals. These were the Purchases and Sales journals, which ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required