GST Balance account has appeared

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GST Balance account has appeared

Hi,  I have been using Myob Essentials for a few months now but in the past few days, when I have entered a purchase, all of a sudden the GST account has changed.  It has started putting GST collected and paid into one new account and I can't work out how to change it back or how it even appeared in the first place.

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MYOB Moderator
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Re: GST Balance account has appeared

Hi @KATSEY24 

 

The GST Balance account is an account included for clients on the MYOB Essentials platform. This will contain the net GST balance i.e. the combined amount of the GST Paid and GST Collected accounts. 

 

This is a permanent change to the product and a user is not able to revert back to have two previous GST linked accounts. 

Kind regards,
Steven

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Re: GST Balance account has appeared

Hi Steven,

 

Following your reply to Katsey, I just wonder if I should allocate the BAS payment to tax office to the account GST Balance as well? Or if I should create a GST clearing account and allocate the payment into it?

 

Thank you.

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MYOB Moderator
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Re: GST Balance account has appeared

Hi @VN_123 

 

Our Help Article: Recording ATO payments and credits outlines how to enter payments (or refunds) from the ATO.

 

Typically, you would record a transaction to the account(s) that you do use to reflect the GST liability to reduce that liability. However, I would recommend speaking with your accounting advisor on the accounts and amounts involved in that transaction.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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