Training Newsletter Oct 2024

October 2024

Welcome to the October 2024 Edition of our Training Newsletter!

If you're following the latest enhancements for BAS and GST, make sure you're prepared for the September BAS. You can watch the recent webinar here to catch up on all the details.

This month, we’re taking a break from scheduling new webinars to focus on updating our Online Help resources. You’ll find all the recent changes available at your fingertips, whenever you need them. Make sure to explore the following tools for further assistance:

  • Chat Bot for quick answers
  • Article Search for in-depth guides
  • Live Chat to ask our training team simple training questions or Online Help assistance
  • Release Notes to check what enhancements are in the latest update

Additionally, don’t miss last month’s webinar on 'Mastering the Updates', available to watch here.

Important: Transaction Entry Removal

For those of you who have been long-time users of StrataMax, you may remember the Transaction Entry screen, which was primarily used for journals, editing, reversing transactions, and more.

In version 5.6.117, this feature will be officially retired. Over the past few years, we’ve introduced Journal Preparation along with significant enhancements in Payments and Banking, which have now fully replaced the older functionality.

As part of these updates, Local Transactions will be refreshed in this version, and the Transaction History option will be removed. In addition, we’re introducing a 'Running Balances' column, an updated 'Description' filter, and a new 'Find' option to make searching the general ledger easier and more intuitive than ever before.

Plus, if you haven’t explored this yet, all Search screens can now be easily transformed into printable reports. This feature is designed to save you time and provide quick, professional-looking reports at the click of a button. It's never been easier to get the information you need, exactly how you want it! (This will also see the removal of Transaction List in the future).

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Monthly Webinar Recordings

All of last month’s webinars are available for viewing at your convenience on our StrataMax Videos page.

Seamless Strategies for Merging Letters and Streamlining Report Distribution

Contact Management

Mastering the Updates: Essential Changes You Need to Know

Preparing Your BAS for the July – September Quarter:
A Step-by-Step Guide

The latest BAS enhancements make the entire process smoother and more efficient. You’ll find it easier to review, make any necessary adjustments, and finalise once lodgement is complete and amounts are confirmed. These updates are designed to save you time and ensure accuracy every step of the way.

In October (or later), simply open the BAS and select Prepare to begin the process for the July–September quarter. Follow these steps for a smooth and accurate submission:

  1. Check the 'Status' column for any highlighted issues and update as required.
  2. Click the Tax Setup cog wheel to ensure your Building Information is up to date or use the Account Group Setup screen if applicable.
  3. In Creditor Maintenance, add any necessary BPay CRN or EFT Reference details.
Once all BAS entries are prepared without issues, use the Search BAS screen to easily highlight any variances that need resolution (see example Search below). Be sure to:
  • Check and resolve GST Variances by using Journal Preparation and ensuring the date is within the reporting period (e.g. 30.09.24). You can set the 'BAS Variance Tolerance' in the Configuration menu, in the BAS screen.
Provide all relevant reports to your BAS Agent or Accountant for final lodgement using either the Search BAS or BAS Reconciliation Report screens.

After lodgement:
  • Review for any adjustments, such as PAYG Instalment changes.
  • Confirm the BAS matches exactly as lodged.
  • Finally, select Finalise to create the Creditor Invoices for payment and Credit Notes for refunds to be received.

What is a GST Variance?

A GST Variance occurs when the current GST for the period doesn’t match the total for the GST Clearing Account on the balance sheet for the same time. A small variance (usually around $5.00 for rounding) is acceptable and can be configured in the Configuration menu, in the BAS screen.

However, if manual entries or adjustments have been incorrectly applied, a larger variance may occur, which will require investigation and resolution. The BAS cannot be finalised if the variance exceeds the configured limit.

The new BAS system includes enhanced tools to help minimise GST variances and simplify the process of updating transactions, both for the current period (BAS) and for prior periods or old-year adjustments with the Edit Tax Code function in the Local Transactions screen.

Search BAS | Checking the Variance

The Search BAS screen should be used to check this variance.

We recommend displaying the following columns:

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And use the following Filter with your required GST Variance amount:

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Then once the period is prepared, the variance can be checked in the BAS screen.

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Pay Employees

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If you have recently been updated to StrataMax version v5.6.113 or higher and have a building that pays employees wages, make sure to set up and also review that the existing clearing account balances are correct.

Please note that since this is a brand new screen, it will need to be set up. Please use this for all employees to ensure that the taxes are correctly reported.