BAS Refund ATO

[Ravinder]

Hi

I have lodged BAS for Jan-March 21 (GST Collected $553, GST Paid $ 204) for my business and  paid $349 to ATO. But the actual amount was as below:

GST Collected $553

GST paid $221, then I lodged revised BAS and received $17 from ATO in my account.

Kindly suggest how can I record this amount in MYOB. 

Best Regards

Ravinder

[Tracey_H]

HI @Ravinder 

Thanks for your post. You'll need to record the payment as a Spend money transaction with the amount paid as $349. Allocate the GST Collected amount ($553) as a positive to the GST Collected account and the GST Paid amount ($204) as a negative to the GST account.

Then record the refund as a Receive Money transaction for the amount of $17. Use the revised BAS to allocate the amounts to the applicable GST accounts.  The amount at 1A is allocated to the GST Collected account and the 1B amount is allocated to GST Paid. When recording a refund you would enter the GST Collected amount as a negative and the GST Paid amount as a positive.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Ravinder]

Hi Tracy

Thanks for your reply.

I have entered the details as you advised, but getting an error (snipshot attached) and unable to record the transaction. Please help to fix this error.

Kind Regards

Ravinder Kaur

[Tracey_H]

Hi @Ravinder 

It doesn't look like you've uploaded a screenshot, can you please try again or tell me what the error is so that I can help with this.

To send a screenshot use the Microsoft snipping tool to create the screenshot then when posting on the forum click on Photos to upload that screenshot. Please make sure you remove sensitive information from screenshots prior to posting on the forum.

[Ravinder]

Hi Tracy,

Please find attached screenshot.

Thanks

Ravinder

[Tracey_H · Accepted solution]

Hi @Ravinder 

Thanks for that screenshot. My apologies, the easiest way to handle this particular situation is to allocate the $17 straight to the GST Paid account without the other amounts and accounts. Then check the GST Paid account to make sure it reconciles. 

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Ravinder]

Hi Tracy

Thank you so much for your help.

Kind Regards

Ravinder

[Tracey_H]

You're very welcome @Ravinder 

Please don't hesitate to post again if you need help in the future.

[Wynn]

Hi Tracey, Is there a help note on  reconciling the gst paid account?

[Tracey_H]

HI @Wynn 

If you are reconciling to the balance sheet and report on a cash basis the difference between the balance sheet and the GST paid amount in the GST summary cash report should be the Total tax outstanding on the Payables with tax report. 

You can also use the Company Data Auditor to reconcile GST.

Please let me know if you need further help.