Recording BAS that you are paying off

Hi RenaeGTS,

 

No worries, BAS payments can make the accounts do a little hokey-pokey. Here’s a tidy-up checklist:

 

• If you’ve already recorded the full BAS liability, don’t enter it again.
• Use your completed BAS to record each payment in Banking > Spend money, allocating it to the relevant BAS liability categories.
• When each payment appears in your bank feed, match it to the recorded transaction so your bank and liability accounts stay in step.
• Record any ATO interest or GIC separately, and check the treatment with your accountant.

MYOB’s guide to recording ATO payments and credits has the steps. 

 

Cheers,

Doreen