Hi. I have taken over entering invoices and reconciling bank accounts for this NZ company
There are previous payments made for GST returns and INC Tax
How do I enter these so they appear in the bank statement to reconcile?
Thanks
Hi Paul_RiThink
Correct. I'm guessing these transactions are prior to bank feeds?
hi Paul_RiThink
Which accounting system are you using?
If Accountright - you would need to do a spend money transaction on the applicable date.
If Essentials Accounting - there is an option in Banking called Spend Money.
thanks. i am using Essentials. so its ok to just allocate the entire payment to the income tax or gst code in the spend money transaction?
Hi Paul_RiThink
Correct. I'm guessing these transactions are prior to bank feeds?
thanks. yes these were prior to me starting and no bank feeds set up yet
hi. in the GL codes GST paid 2-2200 - would this be the right code to use?
and for the income tax, would i need to create a new code for this? as i dont see one already there
thanks
Hi Paul_RiThink
GST paid is the system account that MYOB uses. You should create an account next to it called GST Payments/refunds and code your GST payments to this account. For Income tax, create a liability code called Income Tax Paid 2-xxxx and put income tax payments, Prov tax to this account.
