16-04-2012 01:33 PM
We have just lodged our GST and have agreed on an Installment plan from the ATO .
How do I map it to offset my GST Liabilities . I have 3 installments of $9000 to be paid to ATO . Its made up of GST and PAYG . Can someone give me a journal entry that will be used when I do these payments .
16-04-2012 01:50 PM
You will need to create a liability account called ATO Integrated client account and make the account type credit card.
For the BAS entry at the end of the quarter process this as being paid from the ATO integrated client account and allocate as usual between GST collected, paid & PAYG etc.
When you make a payment to the ATO, do a spend money on your bank account and have the allocation account being the ATO integrated client account.
When you receive an RBA (Running Balance Account) statement from the ATO you can then reconcile the ATO integrated client account as you would any other bank account.
If you search this site you will find a few posts on the subject.
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