Invoice accounting

Learn how you can save time with automated invoice accounting and tax compliance

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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.

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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.

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Invoices

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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).

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Dashboard

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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).

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Reports

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The profit and loss is automatically updated to reflect the invoice amount (excluding GST) as income.

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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).

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GST / Activity Statement

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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.

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You can lodge your BAS directly with the ATO from the Myaccountant app.

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