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Hi. Can I please have confirmation of whether I do use the GST input tax adjustment 2-2400 for a refund I deposited in my business account from IRD. This was returned from IRD. I overpayed on my previous GST bill.
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I woud code this to the same account where you coded the GST payment to. Ideally you should have an account called GST Payments/Refunds next to the other GST accounts in the liabilities area.
Thank you very much for you prompt reply. Yes you were correct.
I was not sure that it was the correct solution initially.
So checked with my accountant the day he returned from holiday. Exactly the same answer infact.
I was not understanding why. But when I was coding the returned refund amount as an adjustment I was ending up paying that amount more in GST! Payment/refund code resolved that delema. Very relieved to sort that in time for the GST payment. Thanks again.