BAS Refund ATO

Hi Tracy

Thank you so much for your help.

Kind Regards

Ravinder

HI Ravinder 

Thanks for your post. You'll need to record the payment as a Spend money transaction with the amount paid as $349. Allocate the GST Collected amount ($553) as a positive to the GST Collected account and the GST Paid amount ($204) as a negative to the GST account.

Then record the refund as a Receive Money transaction for the amount of $17. Use the revised BAS to allocate the amounts to the applicable GST accounts.  The amount at 1A is allocated to the GST Collected account and the 1B amount is allocated to GST Paid. When recording a refund you would enter the GST Collected amount as a negative and the GST Paid amount as a positive.

Please let me know if you need further help.

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Hi Tracy

Thanks for your reply.

I have entered the details as you advised, but getting an error (snipshot attached) and unable to record the transaction. Please help to fix this error.

Kind Regards

Ravinder Kaur

Hi Ravinder 

It doesn't look like you've uploaded a screenshot, can you please try again or tell me what the error is so that I can help with this.

To send a screenshot use the Microsoft snipping tool to create the screenshot then when posting on the forum click on Photos to upload that screenshot. Please make sure you remove sensitive information from screenshots prior to posting on the forum.

Hi Tracy,

Please find attached screenshot.

Thanks

Ravinder

You're very welcome Ravinder 

Please don't hesitate to post again if you need help in the future.

Hi Tracey, Is there a help note on  reconciling the gst paid account?

HI Wynn 

If you are reconciling to the balance sheet and report on a cash basis the difference between the balance sheet and the GST paid amount in the GST summary cash report should be the Total tax outstanding on the Payables with tax report. 

You can also use the Company Data Auditor to reconcile GST.

Please let me know if you need further help.