Learn how you can save time with automated invoice accounting and tax compliance
When an invoice is sent to a customer, the invoice is automatically processed for accounting, ie. in accounting terms, the invoice is credited to profit and loss as income and debited to accounts receivable.
The invoice income will also reflect on your Dashboard to show year-to-date total income. You can go to Reports to view your updated profit and loss, and balance sheet.
In the below example, there is only one invoice that was sent to a customer. The invoice amount including GST is $1,650 (excluding GST amount is $1,500).
On sending an invoice to a customer, the total income on your dashboard will be updated to reflect the invoice amount of $1,500 (ie. invoice amount excluding GST).
The profit and loss is automatically updated to reflect the invoice amount (excluding GST) as income.
The balance sheet will show Accounts Receivable amount of $1,650 (amount to be received from the customer), and the GST payable amount of $150 payable to the Australian Taxation Office (ATO).
GST / Activity Statement
If you link your Myaccountant app to the ATO, you can view all your Business Activity Statements (BAS) in the Myaccountant app. The BAS is automatically pre-filled with the total sales in that period, including GST payable amount (including GST claimable amount on all your expenses, if available), ready for lodgement with the ATO.
You can lodge your BAS directly with the ATO from the Myaccountant app.