Hi have not long worked for a company and they have been paying off a tax debt from a couple of years ago, the previous bookkeeper was recording payments in Liabilty - Ato payment. I have just received the statement and have now know what the total amount of debt was ect. The account is showing -$61900.00 in accounts list. Should I enter the statement amount and put payment to that or leave it as is?
Hi Shellzz,
Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.
In this case, it's always recommended to speak to your accountant about how to record the payment to ensure the correct reporting of these payments. However, I'll provide you with this Help article, which you may refer to regarding recording payments.
I hope this helps! Please feel free to reach out if you require assistance in the future. I'd be more than happy to help.
Cheers,
Princess
It sounds like all the payments to the ATO have been recorded but not the actual BAS and IAS amounts.
Your books are showing the ATO owes you $61,900.00 if it says -$61,900.00.
I would have a look at what year your books are showing as the current financial year, and if the books have had adjustments done for latest tax return done by the Tax Accountant.
Once your figures agree with the Accountants for latest financials, you can then recod all the BAS/IAS entries for lodgements after that date and then start reconciling the Integrated Client Account from the ATO, same as you do with the bank and credit card accounts.
Hi Shellzz,
I hope this message finds you well. Our partner has provided additional information regarding your concern with recording tax payments. Please feel free to reply to this thread if you require any further assistance or if you've got any concerns in the future.
I'd also like to take this opportunity to thank you, Julie_A_C, for sharing that additional information. It's greatly appreciated.
Cheers,
Princess
I believe a Tax Accountant under TASA is required to agree the Tax Liabilities on the MYOB Balance Sheet to the Liabilities with the ATO.
Cloud Accounting means the Tax Accountant should be processing within the MYOB file.
As Julie suggests, have a talk with the Tax Accountant.
Duncan
