Questions & Answers

Q: Is there any way to get a quick P & L or Balance Sheet report from BASBusiness or BAS.IC ?

A: In BAS-I.C you can click Summary View to display income and expense account totals with Profit and Loss for the selected period. BAS Business Accounts only provides quarterly BAS summaries or quarterly income or expense totals not a Profit and Loss.

Question and Answer Item 2058518 - Browse All Question and Answer Items

Q: Where do I submit my BAS to?

A: To the ATO. See their gst page at https://www.ato.gov.au/Business/GST/

Question and Answer Item 2058516 - Browse All Question and Answer Items

Q: Hello, I am studying the merger of two small transport companies. I would like to know what excel sheets you recommend. And please explain how the service works. Will I be able to use the sheet with anyone?

A: Business Valuation https://bizpep.com/businessvaluation.html , Price Break Even Analysis https://bizpep.com/pricebreakevenanalysis.html , Profit Contribution https://bizpep.com/profitcontribution.html or Business Analysis https://bizpep.com/businessanalysis.html options will all provide valuable insight. The first 3 are spreadsheet based, licensed with an annual subscription and will be registered to the purchaser for use on multiple devices for the individual licensed email address recipient with unlimited use but not distribution.This means you can use them with others but not distribute them in licensed form. Business Analysis is browser based and combines the Business Forecast, Valuation , Break Even and Pricing Analysis in one package with a one time perpetual licence which fully enables application use on multiple devices for the individual licensed email address recipient.

Question and Answer Item 2058513 - Browse All Question and Answer Items

Q: Is there a place to enter the fixed assets my client is also selling with his business? The way I understand your software, is that it only values the earnings of the business, not the assets you are selling? Is that correct?

A: Asset inputs are classed as Business Assets with their associate life span which are depreciated, property assets at market value, and other. These inputs are on the Input sheet under Valuation Data. The Valuation Data section of Help includes details https://bizpep.com/businessvaluation.html . The input used depends on what the asset is. If the fixed assets are part of the business and not property they should be included as Business Assets. If not related to the business ie the business is fully functional without it could be treated as completely separate and its market value simply added to the business valuation. If it is included as a component of the valuation it will impact the business valuation based on the required rate of return. Replacement Value of Business Assets Input the replacement value of physical business assets. Exclude property. Consider vehicles, plant and equipment. This forms a component of the total business investment. Life of Assets (years) Input the average life of the assets. The Replacement Value of Business Assets will be divided by the Life of Assets to provide an indication of annual asset depreciation expense. This will be used in determining the owners return from the business. Market Value of Property Input the estimated market value of property owned by the business. Property values are considered stable over the forecast period and no depreciation is allowed for. This forms a component of the total business investment. Other Investment in Business This is the calculated value of any other investment made in the business. It consists of operating capital and goodwill. This forms a component of the total business investment. This amount will be adjusted in-line with your Valuation Analysis.

Question and Answer Item 2058505 - Browse All Question and Answer Items

Q: I'm keen to include the wages component to my spreadsheet but am unsure how this will affect the setup I already have. The info box says it will delete certain components and add others. I'm not sure which ones and whether they will affect me?

A: Before any change please back up all data (transactions and setup), this will allow you to restore if required. You can see the Preset Accounts detail at http://bas-i.com.au/accountsgst.html . If you change the preset account or set up (ie Include Wages) then any existing pre set Accounts will be removed and the new pre set accounts added. Any transactions that are set with an account that has been removed will become orphaned and unable to be reconciled in the BAS View. The transactions will still remain but in List View they will be shaded red. Accounts that you have individually added will remain valid. If you Include Wages existing preset accounts will be replaced with the Include Wage setup and if needed you can then re load the required preset accounts (ie click Generic etc..). In list view check that you have no orphaned accounts (shaded red) and you should be all good. Please back up before making any changes and ensure you backup regularly. All data is saved locally on your system (no where else). Hope that makes sense. Additional detail on accounts is available at http://bas-i.com.au/chartofaccounts.html . If you have a different computer or browser you can use your account link to access BAS-I.C and play around with account settings without impacting your current setup.

Question and Answer Item 2058504 - Browse All Question and Answer Items

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