{"id":280227,"date":"2024-07-08T17:31:50","date_gmt":"2024-07-08T05:31:50","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&p=280227"},"modified":"2024-10-15T12:06:22","modified_gmt":"2024-10-15T00:06:22","slug":"identifying-your-accounting-basis","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/bas\/identifying-your-accounting-basis\/","title":{"rendered":"Identifying your accounting basis to complete a BAS Statement"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.27.2″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

When recording your businesses’ revenue and expenses, you\u2019re likely going to face a choice when it comes to choosing your basis of accounting.<\/p>\n

The way you choose to do your accounting will also come into play when you submit your regular BAS.<\/p>\n

Let\u2019s unpack your choices and how they work.<\/p>\n

What\u2019s an accounting basis?<\/h2>\n

An accounting basis, also known as an accounting method<\/a> or accounting principle, refers to the set of rules and guidelines that your business uses to prepare and present financial statements.<\/p>\n

Your accounting basis essentially determines when you count a sale as income and when you count a purchase as an expense<\/a>.<\/p>\n

This decision comes down to two main choices \u2013 \u2018cash based\u2019 accounting or \u2018accrual\u2019 based accounting.<\/p>\n

The choice of accounting basis can have a significant impact on how financial transactions are recorded, reported, and recognised in your business\u2019s financial statements \u2013 including submission of your BAS.<\/p>\n

What is accrual basis accounting?<\/h2>\n

Accrual basis accounting, also known as accrual accounting or simply accrual, is a system of financial transaction recording, whereby a sale is counted and recorded as a sale even before money has changed hands.<\/p>\n

Similarly, any business-related purchases are recorded as expenses before the money has actually been paid.<\/p>\n

Example of accrual accounting<\/h2>\n

Let\u2019s say you operate a delivery company specialising in supplying flowers and vegetables. If you use accrual accounting, you will make a bulk purchase of flowers, and before you pay the invoice, you\u2019ll record this in the current accounting period as an expense \u2013 despite not having yet paid for it.<\/p>\n

If your customers pay for their deliveries by invoice as well, you will deliver the goods and record this as a sale in the current period, despite not yet receiving the money.<\/p>\n

What is cash basis accounting?<\/h2>\n

Cash basis accounting, also known as cash accounting, cash-based accounting, cash method accounting, or simply \u2018cash basis\u2019, works in a different way to accrual accounting.<\/p>\n

With the cash basis method, you only record sales and expenses when money has actually changed hands. The reason it\u2019s called cash basis is because cash must actually be deposited in order to make a record of revenue or expenses.<\/p>\n

Example of cash accounting<\/h2>\n

Let\u2019s say you own a small retail store selling toys. If a customer comes in and purchases some of your goods and pays you immediately, that purchase is recorded straight away as revenue for that accounting period.<\/p>\n

If you purchase supplies for your store and then don\u2019t settle the invoice until the following month or accounting period, that expense will not be recorded as an expense until such time as you\u2019ve paid for it, despite having received the goods and possible sold them for profit.<\/p>\n

Pros and cons of cash accounting<\/h2>\n

The cash basis accounting method is often preferred by smaller businesses for its simplicity and immediate business cash flow visibility. However, it has limitations when it comes to providing a more comprehensive and accurate representation of a businesses\u2019 financial position, making it less suitable for larger or more complex businesses.<\/p>\n

Here are some of the most prominent pros and cons associated with cash basis accounting:<\/p>\n

Pros of cash basis accounting<\/strong><\/h2>\n
    \n
  • Simplicity<\/li>\n
  • Less chance of errors<\/li>\n
  • Cash flow focused<\/li>\n
  • Possible tax advantages<\/li>\n
  • Reduced recordkeeping<\/li>\n
  • Suits smaller businesses<\/li>\n<\/ul>\n

    Cons of cash basis accounting<\/strong><\/h2>\n
      \n
    • Limited financial picture<\/li>\n
    • Distorted profitability<\/li>\n
    • Not conducive to growth<\/li>\n
    • Limited reporting accuracy<\/li>\n
    • Challenges in tracking long-term liabilities<\/li>\n<\/ul>\n

      Pros and cons of accrual accounting<\/h2>\n

      When it comes to adopting the accrual accounting method, your business will gain a more accurate and comprehensive financial picture. However, this comes with greater complexity and admin which may not suit all businesses, particularly smaller ones with simpler financial structures.<\/p>\n

      Pros of accrual basis accounting<\/strong><\/h2>\n
        \n
      • A more accurate financial picture<\/li>\n
      • Better matching of revenue and expenses<\/li>\n
      • Better suited to long-term planning<\/li>\n
      • Better suited to more complex businesses<\/li>\n<\/ul>\n

        Cons of accrual basis accounting<\/strong><\/h2>\n
          \n
        • More complex and admin heavy<\/li>\n
        • Cash flow challenges<\/li>\n
        • Potential for misleading image of financial health<\/li>\n
        • Greater recordkeeping burden<\/li>\n
        • Tax Implications<\/li>\n<\/ul>\n

          How does accruals or cash method impact Your BAS?<\/h2>\n

          When you identify your accounting basis and put it into practice, the way you do your BAS will change.<\/p>\n

          The submission of BAS entails the reporting of your tax obligations to the ATO. This will often include communicating the amount of GST and PAYG that you owe the ATO.<\/p>\n

          The way your expenses, revenue, GST, and PAYG are reported will depend on the accounting basis you\u2019ve chosen, as defined by the reporting period.<\/p>\n

          Doing your BAS using accrual method<\/h2>\n

          Let\u2019s look at how the accrual method impacts the way you do your BAS.<\/p>\n

          GST on sales<\/strong><\/h2>\n

          Your business will report the total sales made during the period, regardless of whether the payments have been received.<\/p>\n

          GST on purchases<\/strong><\/h2>\n

          Your business reports only the actual cash payments you\u2019ve made for purchases during the period, excluding any expenses that have been incurred but not yet paid.<\/p>\n

          PAYG withholding<\/strong><\/h2>\n

          Your business reports only the actual cash payments you\u2019ve made for employee wages, excluding any amounts that have been accrued but not yet paid.<\/p>\n

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          When recording your businesses’ revenue and expenses, you\u2019re likely going to face a choice when it comes to choosing your basis of accounting. The way you choose to do your accounting will also come into play when you submit your regular BAS. Let\u2019s unpack your choices and how they work. What\u2019s an accounting basis? An […]<\/p>\n","protected":false},"author":6,"featured_media":284287,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[247],"class_list":["post-280227","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-bas"],"yoast_head":"\nIdentifying your accounting basis to complete a BAS Statement<\/title>\n<meta name=\"description\" content=\"Accrual or cash basis? 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