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I have an issue with GST refund from real estate agent, since the landlord are no longer registered for GST, so we are no longer paid rent included GST, they also refund GST amount for July & August rent, so how can I record this? Much appreciated if someone could help. Thanks
Solved! Go to Solution.
So are you saying you were charged GST incorrectly and they have now refunded you the overcharge? If so, depending of if you are on cash or accruals and the BAS has been done, you could just amend the original purchase for the rent and code to GST free and ensure the amount due is the reduced amount, this will then cause the payments applied to show you as being in credit, you can then receive a refund against these through the purchases register.
You will need to ensure this doesn't affect any BAS that may have been lodged already first though.
I would do a Receive Money with 2 lines being Rent N-T and one Rent GST.
Would change the GST for the expense ledger and also the GST Code in the Suppliers Card.
An oldtimer like me may do a journal directly to GST Paid.
A reconciliation of the GST Paid on the Balance Sheet and the GST Reports would be necessary and the BAS lodged other than using MYOB Software.
Hope this helps.
Thanks DancanS & Martine,
Both methods do work, I have decided to go with Martine's solution, btw, I am on accrual acount.
Fantastic its great to hear that both @Martine and@DuncanS post have been of assistance to yourself. Thanks for letting us know.
If you do have any further enquiries don't hesitate to post on the MYOB Community Forum again.
Also welcome to the MYOB Community.