True balance validator includes the transactions that were made after the balance date for related financial year.
While the Integrated account has a balance at 30 June (Closest possible balance to that date), any amendments to Activity Statements prior to that 30 June date (by effective date) but with a process date after 30 June actually need to be considered as having transpired BEFORE the 30 June dateline. Because of this fact, LodgeiT can find all amendments to Activity Statements and recognise them in order to provide a true balance on the Integrated Account. This TRUE BALANCE should be recognised on the balance sheet of the reporting organisation as it is the TRUE Integrated Account Liability.
First, download your Integrated Account transaction, learn more HERE
Go to "Reports", select "Import Intergated Account"
Import the "Integrated Account Validator",
Note: All the existing transactions will be replaced with new ones.
Note, "Effective Date" date that is due in the ATO system.
Next, you have now the transaction listed imported.
Click "ATO Accounts" and select "True Balance Validator".
Set the date -
The 'Opening Balance" matched with the "Integrated Account Transaction"
The illustration ends up with the "Balance" of $4039.
Financial Report-
