GST REFUNDS/BREAKING A TERM DEPOSIT

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GST REFUNDS/BREAKING A TERM DEPOSIT

Hi

 

As a new user of MYOB Essentials I want to start off on the right foot... I have just received a refund claim from IRD - we have a ' GST Refunds/Payments IRD' account set up (we have bank feeds) so do I just allocate the transaction to this account or do I have to do the Receive money manual transaction?

 

Also how do I break a term deposit? the bank feed has pulled thru the amount into our  ANZ Online Call account from SBS bank but how do I break off my term deposit in my accounts list?  In MYOB cashbook I use to do a journel but it appears this won't work as it doesn't deduct it off the balance of my Term Deposit.  If I do a transfer it looks like it will create a duplicate entry to the call account. 

 

Thanks in advance.

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MYOB Moderator
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MYOB Moderator
MYOB Moderator

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Re: GST REFUNDS/BREAKING A TERM DEPOSIT

Hi @LouieB7 

 

I’d recommend speaking with an accountant for advice on how to enter in both the refund and the necessary entries to break the term deposit. They will be able to assist you with recording the relevant transactions so that they can be matched to the bank feed transactions coming into your file

Regards,
Neil

MYOB Community Support

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