PAYG WITHHOLDING PAYABLE ACCOUNT
Hi, I have noticed that in my PAYG Withholding Payable account I have a balance of $1,250,314.00 going back to 2013. Can someone tell me if Im meant to be doing Journal Entries each month when I pa...
Forum Discussion
Hi dsirvine1
Thanks for your post. The PAYG Withholding payable account is a liability account so should reflect your actual PAYG liability.
If you don't use an ATO integrated client account you'd typically record the BAS payment as a Spend money transaction and allocate the amounts to the relevant accounts:
If you do use an integrated client account, you'd typically record a general journal allocating the amounts to the applicable accounts and the payable amount to the integrated client account:
When you pay the BAS you'd record a Spend money transaction allocated to the integrated client account.
I'd recommend checking with your accountant about the correct journal entry and clearing the PAYG liability account.
Please let me know if you need further help.
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