How to enter Taxation credit

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BrizSouth
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Australia
BrizSouth

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How to enter Taxation credit

Good morning,

 

My husband is a sole trader.  He has received a tax refund from the Tax Department.  We didn't actually receive the money they just applied a credit to our GST.

 

How will I enter this into my myob.  I am using Account Right Plus.

 

Thank you in advance  Smiley Happy

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Ultimate Partner Seattle
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Ultimate Partner
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Seattle
Ultimate Partner

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Re: How to enter Taxation credit

@BrizSouth

 

A Sole Trader normally would not have a Ledger for Income tax Payable/Refundable.

 

You would do a Journal Dr ATO ICA/GST Clearing    Cr Drawings

 

Let us know how you go.

 

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
BrizSouth
4 Posts
User
Australia
BrizSouth

4Posts

2Kudos

0Solutions

Re: How to enter Taxation credit

Makes sense to me. 

 

Thanks so much for the help

 

 

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