Paying PAYG tax from two bank accounts

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Snichols
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Snichols
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Paying PAYG tax from two bank accounts

Hi,

Is there a way to split the payment of PAYG for the month from two bank accounts.  When I go into "Pay Liabilities" window there doesn't seem to be a way to part pay the tax owing or pay only selected employees.  If not I'll just do a transfer in MYOB between the accounts but thought I'd see if there was a way to avoid this.  Thanks

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Ultimate Partner GDay53
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GDay53
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Re: Paying PAYG tax from two bank accounts

@Snichols

 

Don't use Pay Liabilities. Pay your PAYG using  a Spend Money transaction and you can split it over as many payments and bank accounts as you like.

If you use the BAS feature in MYOB you should not be using Pay Liabilities for PAYG.

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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MYOB Moderator Steven_M
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Steven_M
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Re: Paying PAYG tax from two bank accounts

Hi @Snichols

 

Great to see that @GDay53 has offered a potential solution to your enquiry.


If you do wish to pay those values via Pay Liabilities and need to use multiple different bank accounts you would be looking at using a holding account process. I've outlined the process below for you

  1. Create a holding account - Accounts>>Accounts Lists>>New and create a new Asset account ensuring that the Account Type is set to Bank.
  2. Process the Pay Liabilities transaction ensuring that the Pay from Account is that newly created holding account.
  3. Go to Banking>>Spend Money and enter a transaction from the first bank account for the amount you have paid via that account. The Allocation account would be that newly created holding account. 
  4. Repeat Step 3 for each bank account you have made payment from.

Kind regards,
Steven

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