Clearing down the GST Paid account?
Hi there I am operating on a cash basis I have a "GST Paid" and "GST collected" account(s) in MYOB Account Right. Both are detail accounts in the "GST Liabilities" header account. The Co...
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Hi thanks Doreen
I've been paying BAS for ~15 years. But these accounts have never been cleared. Ever.
Question: Is there a good reason for this?
it may mean the BAS payments weren’t recorded against them, or were allocated to different accounts
What other account could this possibly be? My expectation is that when you pay a liability, the liability account should decrease, because you're paying it off.
Hi koshyckoshy,
You’re right that a liability would normally reduce when the payment is allocated to it. However, the correct account depends on how your BAS and accounts have been set up.
We can’t confirm which account your payments should have gone to or advise on correcting 15 years of entries. Your accountant can review the ATO payment transactions and confirm the correct treatment.
This guide explains the general process: https://www.myob.com/au/support/myob-business/end-of-period/month-end-procedures/recording-ato-payments-and-credits
I understand it’s a hassle to contact your accountant, but they’re best placed to review and correct any issues in the books.
Regards,
Genreve
