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April - last edited April
We purchased an Air conditioner for the office, which included a 'Cash Back Bonus'
We received the Cash Back Bonus months after the initial purchase.
I assume I'd record it under 'Receive Money' but I don't know what Tax Code I should use?
Is GST included on a Cash Back Bonus from a purchase?
Any help would be much appreciated.
Solved! Go to Solution.
There should be a 'discounts received' account you can use, otherwise you can receive it as an income amount with GST to the original expense account used for the purchase to offset the total.
Normally the cash back is not of a substantial amount.
Lets say the air conditioner cost $3000 and the cash back was $200.
I would use the same ledger and the same GST code as the original transaction.
Let us know your thoughts.
I had originally put it back into the same account with the same GST coding! I just didn't know if that was too easy or if there was a more complicated way to do it, so I guess I'll leave it like that!
Thanks for taking the time to respond.
Yes, exactly! I had originally put it back into the same account with the same GST coding! So I guess I'll leave it like that then!
Thank you for taking the time to respond!