How do I record PAYG refund from ATO in MYOB?

How do I record PAYG refund from ATO in MYOB?

How do I record PAYG refund from ATO in MYOB?

MYOB – How do I enter a BAS Refund Form from the ATO?

  1. >Receive Money.
  2. >Deposit to Account (where deposit goes)
  3. >ID# leave auto-generated # >Date.
  4. >Payor is ATO.
  5. >Amount Received $
  6. >Memo: ATO BAS Y10 Q2 Refund.

How do I record a refund in MYOB?

To record a refund

  1. Go to the Purchases command centre and click Purchases Register.
  2. Click the Returns & Debits tab.
  3. Locate and select the debit that is being refunded and click Receive Refund.
  4. Select a payment method in the Payment Method field and click Details.
  5. Enter the details and click OK.

How do I record ATO payment in MYOB?

How do I enter a payment to the ATO?

  1. On the Banking menu, click Spend money.
  2. In the Bank account field, choose the account the ATO payment is coming from.
  3. If you have set up the ATO as a contact, select this contact in the Contact field.
  4. Enter a Description of transaction.
  5. In the Amounts are field, select Tax exclusive.

How do I record money from ATO?

Recording a refund from the ATO Enter your ATO refund using a Receive Money transaction with a separate line for each of your BAS fields (Banking command centre > Receive Money).

What is the journal entry for income tax refund?

Credit your Income Tax Payable account to reverse the original entry of paying the taxes. After you receive the anticipated refund, record a second journal entry to move the refund to your Cash account. To record the refund you received: Debit your Cash account.

How do you record income tax expense?

Companies record income tax expense as a debit and income tax payable as a credit in journal entries. If companies use the same cash method of accounting for both financial and tax reporting, the completed journal entries include an equal debit and credit to income tax expense and income tax payable, respectively.

How do I enter a purchase return in MYOB?

To create a supplier return

  1. From the Purchases menu, click Bills.
  2. On the Bills page, click Create return.
  3. A Return number is automatically generated, based on the last number used.
  4. In the Return to field, either enter the supplier’s name, or select the supplier from the list.

How do I record GST refund journal entry?

Open the General Journal. Enter the last day of the GST/HST period for which you are getting refund as the transaction date. In the Account column, click the list button and select the GST/HST Charged on Sales account. In the Debit column, enter the amount of total GST/HST charged .

What PAYG records does the ATO require businesses to keep?

You must keep all your business records for five years, including tax invoices, receipts, salary and wages records, tax returns and activity statements, and super contributions for your employees.

Do I need to keep receipts under $75 ATO?

A business has an obligation to provide proof of transaction to consumers for goods or services valued at $75 (excluding GST) or more. Businesses are also required to provide a receipt for any transaction under $75 within seven days, if the consumer asks for one.

How to record an ATO payment in MYOB?

In the Deposit into field, select the account the ATO payment is going into. In the Notes field, specify what this transaction is for. In the Amounts are field, select Tax exclusive. Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor. If additional lines are needed, click Add Lines.

How to record a refund from the ATO?

Recording a refund from the ATO Recording a refund from the ATO Enter your ATO refund using a Receive Moneytransaction with a separate line for each of your BAS fields (Bankingcommand centre > Receive Money).

Where do I enter my ATO payment into my account?

Enter your ATO payment using a Spend Moneytransaction with a separate line to represent each of your BAS fields (Bankingcommand centre > Spend Money). These fields will typically have an associated account in AccountRight, but check with your accounting advisor if you’re unsure which accounts to use.

Where does the GST payable go in MYOB?

For example, your GST payable (BAS field 1A) is typically allocated to a liability account (2-XXXX) called GST Collected. Use this table to work out what to enter in your transaction and whether the amount should be positive or negative.