Company tax entry
I just paid company tax for 2024, but it is set up in my file as an "Other Expense", with then obviously reduces my net profit for 2025.
What sort of account should company tax be so that it re...
Forum Discussion
Thanks DuncanS. That was just what I needed.
Further to this, on my dashboard, MYOB is keeping a tally of GST collected and paid - way beyond anything I actually owe the tax office. This is because every time I enter my BAS, I enter the amount I am paying as an "Other Liability" called GST Collected, and the amount I am owed by the ATO as an "Other Liability" called GST Paid. So I just keep on increasing my liabilities with every payment. Clearly a mess.
If MYOB knows my GST collected and paid, how do I complete the entries in the BAS to actually update the liability as I make/receive ATO payments?
Hi Duncan
Going forward if you enter the paid to the ATO for GST to the GST collected 1A and difference to GST paid 1B, this will clear the GST liability.
However, you will need to clear the GST collected and paid to date by creating a general journal at June 30th to the clear the values and add GST values of your June BAS and
for example
If GST collected at June 30th is $15000 and GST paid is ($5000)
1st step, Create a general journal to clear
DR GST Collected $15000
CR GST paid $5000
CR other liability $10000
2nd step,
CR GST collected of value of 1A on the BAS
DR GST paid 1B
DR other liability different
Then when you pay the BAS in July, clear the above values
Thanks Chris
