CHANGING YOUR SETTING
Once directed by the ATO to change your accounting method there are a number of
things you will need to keep in mind.
? The ATO may direct you to changeover on a specific date; for example at the
beginning of a new financial year or quarter.
? Choose your date to change over & note this.
? It would be advisable to complete a tidy up of any outstanding creditor and debtor
invoices.
? Clear any part paid creditor invoices that you do not intend to pay by creating a
credit note.
? Do the same with any part paid debtor invoices that you will not receive payment
for.