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uplift1's avatar
uplift1
Experienced User
5 years ago
Solved

BAS REFUNDS/PAYMENTS

Ok forgive me in advanced if this has been answered 1000000000 times.... I may need this to be broken down into steps :)   From the very begining, how do i account/record my BAS. Refund or payable....
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi uplift1 

     

    Thanks for your post. You are correct that a BAS payment is recorded in Spend Money and a BAS refund is recorded in Receive Money. When it comes to the accounts to allocate the payment/refund to, you would use the applicable liability accounts.

     

    This help article explains in detail how to record these transactions: Recording your ATO payments or credits. A personal tip from me is that it's also a good idea to reconcile those liability accounts back to zero after paying your BAS.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Tracey_H's avatar
Tracey_H
Former Staff
5 years ago

Hi uplift1 

 

Thanks for your post. You are correct that a BAS payment is recorded in Spend Money and a BAS refund is recorded in Receive Money. When it comes to the accounts to allocate the payment/refund to, you would use the applicable liability accounts.

 

This help article explains in detail how to record these transactions: Recording your ATO payments or credits. A personal tip from me is that it's also a good idea to reconcile those liability accounts back to zero after paying your BAS.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.