PAYG CREDIT WITH ATO

JANELLE Tracey_H 

The Income Tax Refund should be a Current Asset at 30 June.

Duncan

Hi JANELLE 

Thanks for your post. If you don't use Pay Liabilities to process the payment for PAYG you can record a Receive money transaction. In the Amount field enter the amount received, allocate the full amount of the refund to the applicable income tax account and enter the PAYG amount as a negative to the PAYG liability account.

For example:

If you do use Pay Liabilities, record the Receive money as above. Instead of selecting the PAYG liability account select the suspense account. When you record the Pay Liabilities transaction select the suspense account in the Pay from account field. 

Whichever method you use the full refund amount will be posted to the tax account and the PAYG liability owing will be reduced.

Please let me know if you need further help.

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