DEFINITIONS
Cash: this is the simplest method of accounting. Income is reported when it is
received and expenses when they are actually paid.
Accrual: income and expenses are reported as soon as they occur, regardless of
whether or not cash has actually changed hands.
? The selection of your GST setting will vary the method used to calculate
your BAS. It is imperative that this is selected correctly.
If you are unsure what method you should be
using please consult your Accountant or the ATO.
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