Company Tax Refund

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Company Tax Refund

How do i record a company tax refund that has come through bank feeds. My refund is a total of two years and has had a tax debt deducted from it. How do i record these?

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Re: Company Tax Refund

Hi @stussa85 

 

Generally you would enter a Receive Money transaction for the amount of the refund.  I would check with your accountant about the account to allocate the refund to and if the refund and debt need to be allocated separately.

 

This support note, Recording ATO payments, shows to how enter a BAS refund which is similar to the transaction you need to record. You will just be allocating to different accounts.

 

Please let me know if you need further help

Cheers,
Tracey
Previously @bungy15

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