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Undeposited Funds Account GST

Contributing User
5 Posts
Contributing User
Contributing User




Undeposited Funds Account GST


I have a question about MYOB Essentials Credit Crd Payment function.

When customer pays their invoice online via a credit card the funds automatically allocated to the invoice by MYOB and payment allocated into Undeposited Funds Account.

When we receive the payment from MYOB into our Bank, I move the funds from Undeposited Funds into the Business Bank Account. Should this transaction be GST or N-T?

There is GST component on the customer invoice.

We run Cash Basis GST report. I always thought that when MYOB automatically records the payment against the invoice, it will post the GST to the accounts. 

However it appears that this is not the case, if I am not mistake.


Thanks in advance 

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