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clayton4115's avatar
clayton4115
Contributing User
11 months ago
Solved

BAS Refund

Hi 

 

I received a GST Refund and I have placed it in "other income". However by doing this it is treating it as income for tax purposes and I can see it there when I view the profit and loss report. Where do I allocate this GST Refund so it doesn't show up as income. This amount came in as auto data fed from the bank account. 

 

 

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  • AndrewGFisher's avatar
    AndrewGFisher
    Contributing Cover User
    11 months ago

    Hi Clayton, the BAS refund is not income it should be attributed to your gst clearing account if all your gst goes into the one account.

    • clayton4115's avatar
      clayton4115
      Contributing User
      11 months ago

      Hi Andrew

       

      Thanks for your response, your reply made me look further into gst clearning account and I found another thread on this matter where I had to go to settings and choose the GST Clearning account, then go back to that entry allocate it to the GST balance account from the drop down list and then where the GST refund is, put a minus infront of that refund amount, now it is showing correctly,

       

      https://community.myob.com/t5/Original-MYOB-Essentials/Select-your-GST-clearing-account/td-p/726825

      • Celia_B's avatar
        Celia_B
        MYOB Moderator
        10 months ago

        HI clayton4115 

         

        We are grateful you found our community forum helpful. And we're glad to know that the issue has been resolved. If you need further assistance in the future please feel free to post again and one of us will be here to assist you . 

         

        Cheers, 

        Cel