Hi there,
We recently set up a subsidiary (legal entity) and have been paying expenses through the parent company. The subsidiary has minimal transactions and the moment and have been seperately track. However with BAS, we are claiming the GST under the parent company. If anyone have any suggestion as to how to record in the parent company currently?
OR set up in MYOB in future?
Thanks
Hi MW2022,
Thank you for your post.
Handling the consolidation of subsidiary expenses and GST into the parent company is a significant financial matter that often benefits from the expertise of an accountant. So, I would recommend consulting with your accountant to ensure that these transactions are properly recorded and reported. But let me share some helpful information below that should shed light on your query.
Feel free to post again anytime you need further assistance.
If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.
Cheers,
Princess
Hi Princess_R
Thanks for reverting. The expenses paid by Company A on behalf of Company B - this is already happening on our books. However the liability etc is N-T on GST as it is loan, which leads to the original thread
And the consolidation of GST into parent company has also been confirmed by our tax accountant who uses their own system or record to track. Before lodgement, they do required to confirm the number and for the past 2 lodgements, there are discrepancy because of the subsidiary expenses.
So I am wondering if MYOB have any way to go around this or consolidation, or what is the best way to go with it in terms of set up?
Hi MW2022,
Thank you for your response.
Regarding the consolidation of GST into the parent company, it's great to hear that your tax accountant has confirmed this process. However, MYOB doesn't offer a specific feature for "consolidating" expenses across companies. If you're uncertain about the best way to record this in your file, I suggest seeking advice from a bookkeeper or tax accountant to explore the best setup or approach for your specific situation. They can offer personalized guidance tailored to your unique situation, ensuring your records remain accurate and compliant.
Feel free to post anytime you need further assistance.
Cheers,
Princess
