GST Reconciliation, Accruals workpaper (GRC)

The GST Reconciliation, Accruals (GRC) workpaper reconciles GST collected and paid per the accounting system's own GST report against what was actually lodged with the ATO on each quarter's Business Activity Statement (BAS). A separate Cash-basis version (GRCC) exists for clients on the cash GST method.

Data extraction, per GST report

For each quarter of the financial year, GST Collected and GST Paid are picked from the accounting system's own GST Reconciliation report for that quarter's date range.

●        Four quarters are captured in sequence (for a June year end: Jul-Sep, Oct-Dec, Jan-Mar, Apr-Jun), each contributing its own GST Collected and GST Paid figures.

Data extraction, per lodged BAS

For the same four quarters, figures are pulled from the ATO Portal directly, not the accounting system:

●        1A, Owed to ATO.

●        1B, Owed by ATO.

●        G1, Total sales.

These three are captured for each quarter's lodged BAS, giving a like-for-like comparison against the GST report figures for the same period.

Balance per GL

From the Trial Balance, the GST account. Shown with a credit balance as positive and a debit balance as negative, this sign convention is explicit in the source guideline rather than left to the general asset/liability convention used elsewhere.

Related workpapers

●        GST Reconciliation, Cash (GRCC): the cash-basis equivalent of this workpaper, used instead of GRC where the client accounts for GST on a cash rather than accruals basis.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select GRC on the Workpapers Dashboard.