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Paul_RiThink's avatar
Paul_RiThink
Contributing User
3 years ago
Solved

GST/INC Payments

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 t...
  • jenniek's avatar
    jenniek
    3 years ago

    Hi Paul_RiThink 

    Correct. I'm guessing these transactions are prior to bank feeds?

jenniek's avatar
jenniek
Ultimate Partner

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.

Paul_RiThink's avatar
Paul_RiThink
Contributing User
3 years ago

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?

  • jenniek's avatar
    jenniek
    Ultimate Partner
    3 years ago

    Hi Paul_RiThink 

    Correct. I'm guessing these transactions are prior to bank feeds?

    • Paul_RiThink's avatar
      Paul_RiThink
      Contributing User
      3 years ago

      thanks. yes these were prior to me starting and no bank feeds set up yet

    • Paul_RiThink's avatar
      Paul_RiThink
      Contributing User
      3 years ago

      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

      • jenniek's avatar
        jenniek
        Ultimate Partner
        3 years ago

        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.