Forum Discussion

MegC's avatar
Cover User
7 years ago

Interest received from Inland Revenue on GST Refund

I have received a GST refund from Inland Revenue, which includes interest over and above the return amount, for paying early.  My problem is not with the original GST entry but when I enter the journ...
  • Murray_McKenzie's avatar
    7 years ago

    Hi Meg


    Your interet should be credited to an income account - generally in the 8-xxxx, Other Income section, and specifically called Interest Received. If you put it to a GST account it will wrongly sit in the balance section when it is an income to the business.


    Hope this helps