Forum Discussion

Swampy-66's avatar
Swampy-66
Experienced Cover User
2 months ago

GST on Bank Transfer

I hav two questions about transaction handling

 

i have just applied for GST in July, my paypal account is only used for paying bills from suppliers when companies don't take Amex. Ie when a transaction is made for postage the following takes place

  1. On Australia post site at checkout, pay via paypal, 
  2. Payapal request the money from Amex.
  3. Amex tops up my Paypal account
  4. Paypal pays Australia Post.

As i have a Bank feed for Amex what's the best way to handle this transaction? Spend money or Bank Transfer

  1. I have a Bankfeeed rule which creates a spend money with N-T. This transaction is display in my BAS report.

should this rule be a bank transfer not spend money? or it doesn't matter as load as it N-T

i have attached the bankfeed rule transaction.

 

The payment side of the transaction from Paypal to Australia has to be added manually as there is no bankfeed for paypal. There are over 30 transactions a month from Paypal to Australia Post. These need to be record using spend money to show the GST paid. 

 

Im looking for the best solution for bulk transaction entry on the Paypal to Australia Post. My plan was to export the monthly transaction from Australia Post to CSV file , run a macro that aligns the columns for MYOB spendmoney import, than import the transactions that way for BAS report and reconciliation.

 

Any suggestions welcome.

 

gst bank to bank transfer
  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    2 months ago

    Hi Swampy-66,

     

    Thanks for sharing your detailed scenario! For handling transactions like these, it's crucial to ensure that they are accurately reflected in your records and BAS report. Your current steps could be a good approach to handling these situations but discussing them with a professional will ensure that you're meeting all regulatory requirements and accounting standards. While we can provide some general advice, it's important to note that we can't offer specific financial advice. Given the complexity of handling GST and PayPal transactions, it would be best to consult with your accountant or a financial advisor for guidance. I'm sure other members here might have experience with similar situations and could offer some insights. 

     

    Here are some helpful links you might want to check out.

    Feel free to get in touch if there's anything else I can assist you with.

     

    Cheers,

    Princess