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
