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similar questions have already been asked but not really answered mine...
So when I sort out my Bank Transactions and I paid my GST to IRD (NZ) - which account do I use? I have the options set up as GST Collected or GST paid (with the two others being adusted)
So I do my GST return every two months - have to pay GST to IRD and pay it from my business account - which one of those two accounts do I use?
Maybe I just confused myself...
As far as I understnad it GST paid is what I paid when I purchased items and GST collected is what I charge my customers - but what is the code when I pay that collected GST (minus my paid GST) finally to IRD?
Thanks for your help.
Solved! Go to Solution.
Generally, you would use both the GST collected and GST paid accounts on a payment to the IRD. Check out Help Article: Recording ATO or IRD payments and credits for the recommended process for entering those payments.
Yes I did see that help article but I am still unsure.. maybe I am confusing myself.
And the entry field does not look like this to me either ... When I pay the GST that I collected from others (minus the one that I paid..) I can only select one account to consolidate it with either - collected or paid ... so which one is it? or do I need a complete differnet one that is not automatically set up on the Essentials software?
If you are making payment to the IRD you would typically record a Spend Money transaction where the GST collected is entered as a positive and GST paid is entered as a negative. If its a credit you would typically do a Receive Money transaction with the GST paid is a positive and a GST collected is a negative.
If you are looking it from a banking transaction perspective, you would need to select the dropdown arrow of the transaction (far right), select Allocate before entering the respective accounts, accounts and tax codes.