BAS split payment

KateB1973
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KateB1973
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BAS split payment

I recently paid our Bas payment from 2 different bank accounts.  How do I enter this now??  The seperate transactions are in bank feeds under each bank account, 1 for $700 & 1 for $200??  

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MYOB Moderator Steven_M
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Re: BAS split payment

Hi @KateB1973

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


Help Article: Recording your ATO payment or credit would go through making a payment to the ATO.

 

If that payment has been recorded from multiple bank accounts there are a few different ways you could record that transaction. Below are a few ways you could do it:

  • When recording the Spend Money transaction add in another line to the transaction to reduce the amount going to the one bank account. Having it as a negative on the transaction will make the value do to the other bank account for example:

    Attachment.PNG


  • Record the payment to the ATO into a holding/contra account. Once in that account do a Banking>>Spend Money from the main bank account for the required account with the Pay from Account being the first bank account. Then repeat that process for the other bank account and amount.

Kind Regards,
Steven
MYOB Client Support
KateB1973
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Re: BAS split payment

Sorry, I dont understand Smiley Sad  I have bank feeds so I have one bank feed coming up from our cheque account which I paid $700 from & the other $200 bank feed coming up from our GST account.  How do I enter the payment correctly GST Paid & GST collected  & Fuel tax credit when I have 2 different amounts??  The full amount will be needed to be correct wont it?  


Steven_M wrote:

Hi @KateB1973

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


Help Article: Recording your ATO payment or credit would go through making a payment to the ATO.

 

If that payment has been recorded from multiple bank accounts there are a few different ways you could record that transaction. Below are a few ways you could do it:

  • When recording the Spend Money transaction add in another line to the transaction to reduce the amount going to the one bank account. Having it as a negative on the transaction will make the value do to the other bank account for example:

    Attachment.PNG


  • Record the payment to the ATO into a holding/contra account. Once in that account do a Banking>>Spend Money from the main bank account for the required account with the Pay from Account being the first bank account. Then repeat that process for the other bank account and amount.

 

MYOB Moderator Steven_M
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Re: BAS split payment

Hi @KateB1973

 

As mentioned Help Article: Recording your ATO payment or credit will go through the process of recording that payment. Generally, you would record the payment as a Spend Money transaction with the relevant accounts listed on the transaction - if you are unsure on the accounts involved do speak to an Accountant.

The transaction is a little bit more complex for yourself as you have split the actual payment between two bank accounts. The expanded methods listed in my previous post i.e. the negative line for another bank account or a holding/contra situation would be the way in which you can deal with the bank account payments.


For example, the transaction may look similar to: 
Attachment.PNG

What the above transaction will do is account for the GST and clear the GST accounts, it will also show that $700 is going to one bank account and $200 to another.

As indicated before, I would recommend speaking to an accountant if you are unsure about the accounts involved in the transaction.


Kind Regards,
Steven
MYOB Client Support
Ultimate Partner ronatbas
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Re: BAS split payment

@KateB1973@Steven_M

 

Steven this is an extremely clumsy way of going about this.

When we setup a file we set an account immediately below the GST/PAYGW accounts, called ATO Clearing Account set as Credit Card type. When the BAS is sent the ATO we do the reversal in this account - date end of period. When the money is paid from bank/s to ATO clearing account. @KateB1973 should find that it accomodates her need to use two banks and zeroes out the zeroes out the clearing account. Should there be a refund the entry is Receive Money to bank from ATO Clearing Account.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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Re: BAS split payment

@KateB1973 @ronatbas @Steven_M

 

If a business owner is making multiple payments, I would journal or Spend Money the components of the BAS to the ATO ICA.

 

The various payments for the BAS would then be posted to the ATO ICA.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Ultimate Partner Julie_A_C
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Re: BAS split payment

Hi @KateB1973

 

You should always have an account called ATO-Integrated Client account, which is for what is owing for your BAS/IAS for the period.

 

The BAS/IAS would then be a spend/receive money on this account as at the date of the period it relates to. i.e The September BAS would be dated 30/9. 

 

When you make a payment then you would do a spend money from  the bank and allocate this to the ATO-Integrated Client account.  Or do a recieve money to bank if you are getting a refund.

 

While most people have never needed to do this in the good years, more and more of my clients now do as they are needing to make payment arrangements to pay off their BAS. 

 

I also have clients that just want to pay a regular amount each week or month to provide for the next BAS due.

 

This account needs to be reconciled to the ATO statement.

 

Also make sure that all interest remissions from the ATO are recorded, as income, as well as the actual charge  of interest is recorded as an expense.

 

While in general, these two equal each other (so cancel out), the funny thing is that when you do any pre-filling to a tax return, the ATO seems to bring in the interest remission as income, but leaves out the interest expense as a deduction you can rightly claim!

 

 

 

 

 

 

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
Member Association of Accounting Technicians
ph: 0417 927 654 email: accuratebooks7@gmail.com
JAC' of All Trades Bookkeeping (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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