BAS and PAYG payment matching issues
I'm wondering how I should enter or match my BAS payments when I use Pay Liability for the PAYG portion so that it clears the liability via the individual staff records? Because we match the bank tr...
Forum Discussion
Ok this is a oldie but a goodie - again having issues! I have a refund payment from ATO made up of both GST in and out, PAYG as a serate pay liabilities transaction and a FTR credit. The payg is showing in the bank transactions however when I try to enter the spend money it won't let me do a negative amount as a bank file so it shows up, and the recieve money doesn't have an electronic payment option so I can't create the file that way either. The bank account allocated is correct but I just can't get the transaction to show in the online bank transaction page.
Hi Triggs,
Those ATO refunds can definitely make recording transactions a bit complicated.
You can’t turn that bank feed line into an electronic payment because:
- The ATO refund is money coming in (a deposit), and
- Electronic payments/ABA files are only for money going out of the bank.
So instead of trying to force a negative Spend money from bank feeds, do this:
- Record the refund as a Receive Money
- Go to Banking > Receive Money.
- Choose the same bank account that the ATO money came into.
- Split the amount between your GST, PAYG, and FTR credit accounts (your accountant/bookkeeper can confirm which exact accounts to use).
- Match it in bank feeds
- Go back to Bank Transactions/Bank Feeds.
- Find the ATO refund line.
- Match it to the Receive Money you just created.
That way, the refund hits the right liability/clearing accounts, and you can still tidy it up neatly in bank feeds.
Regards,
Genreve
