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will anyone know when will IMP tax code be put into place to record transactions? Is it the Customs duty when the company trying to import goods from overseas and then we need to record from Banking tab under Spend money ?
I am old fashioned and post GST Paid on the Import Declaration Document directly to GST Paid.
Would always reconcile my GST Reports to the Balance Sheet on preparing a BAS.
The MYOB code IMP may make the GST Reports correct when reconciling the GST Report to the Balance Sheet.
Great Care should be taken in entering the Import Declaration Document into MYOB.
Hope this helps.
Hi Natct, thank you for the enquiry.
I can't advise when you should be using the IMP tax code on your transactions but I can give you this great Support Note we have setup for recording GST on imported goods in your software. This Support Note steps you through doing this on your Purchases as that is generally the requirement but you could apply the same process to Spend Money transactions if that is what you need.