ATO Tax Refund for Sole Trader
Hello Community,
Hope you are all well. Could someone help me with the correct way I should "Receive Money" for a refund my boss received this year?
I want to make sure the account it is distributed to is the right one before I complete my week's reconciliation. So this is slightly time sensitive.
I thank you in advance for your time and assistance.
P.S. I note we have bold and underline in our Community Forum, however Myob still hasn't put this in the area where we enter invoices...
Hello JustMichaela
Thank you for your question.
You would use the Banking command centre > Receive Money to enter the refund amount.
If this is a refund from your BAS you will be able to follow this Help Article on Recording your ATO payment or credit which contains a table with examples on how to enter it.
Otherwise, you will need to speak to your financial advisor about the best way to enter it for your business.
