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
- On Australia post site at checkout, pay via paypal,
- Payapal request the money from Amex.
- Amex tops up my Paypal account
- 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
- 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.