Prepaid funerals and GST

Kimberlee
4 Posts
Cover User
Australia

Prepaid funerals and GST

I am looking for help to record prepaid funerals and the gst.

 

We sell prepaid funerals, our clients pay an insurance company the total amount of the prepaid funeral. The insurance company immediately returns the GST component of the sale to us, and we must report and pay this on the current BAS. When the funeral is actually required, the insurance company pays us the remaining value (total amount minus the gst)

 

I am not sure of the best method to record this in MYOB in the first instance, so that we have a record of the outstanding prepaid funerals we are have sold, and the gst that we have paid. Then, how do I match it up when the actual funeral is invoiced?

 

 

 

Any suggestions?

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