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chelseawright's avatar
chelseawright
Experienced User
2 years ago

PAYG Instalments Reconciling

Hi just trying to wrap my head around recording business activity statements, have tried following the MYOB guides but they don't work for my business. In our activity statements, the only fields entered are, 5A - PAYG income tax instalment and T7 Instalment Amount, for the same amount. Unsure if I just allocate the payment to Provision for income tax and just leave it unreconciled or if there is a way to reconcile this account properly. Any help would be appreciated as we have no employees under this business entity and the MYOB guides don't work without employee payments. 

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    2 years ago

    Hi chelseawright 

     

    Thanks for your post. If you are entering a payment transaction for a PAYG Instalment activity statement, record a Spend money transaction and allocate the instalment amount to the applicable account. If you're not sure if the account should be the Provision for income tax account you will need to check this with your accountant. 

     

    Provision for income tax or PAYG instalments accounts are used to record income tax instalments paid in advance to the ATO, they typically wouldn't be reconciled until the income tax return is lodged and paid. These accounts are reconciled with your ATO account.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.