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Paul_RiThink's avatar
Paul_RiThink
Contributing User
3 years ago

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?

Paul_RiThink's avatar
Paul_RiThink
Contributing User

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.

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