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Help with allocation of bank feed transactions

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Dyl
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Help with allocation of bank feed transactions

Hi, I am very new to myob. Bit of background info:
- i am a pty ltd company
- a carpenter who works as an employee for the company
- hold two banking accounts, 1 for day to day transactions and 1 for the collection of income tax and personal payg tax

I am having trouble with what i assume is the allocation part with the bank feeds. I cant seem to use the right allocation with the income tax and personal tax that I am collecting. I have tried allocating both income tax and payg withholdings as just banking which shows my 'in the bank' numbers on the dashboard as right but no payg witholdings

When i allocate income tax as gst collected and my personal tax as pay withholdings my in the bank numbers are not right but my payg witholdings numbers are right.

I have spent two nights now truing to figure it out with no luck. I feel I am close.

Any help would be much appreciated, sorry if it doesnt make sense posting on my phone atm.
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Ultimate Partner DuncanS
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DuncanS
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Re: Help with allocation of bank feed transactions

@Dyl

 

Dylan,

 

Have you invited your Tax Accountant into your MYOB file.

 

Normally the components of a BAS are -

 

  GST Collected     GST Paid   PAYG - Withholding    PAYG - Instalment

 

In reverse order,

 

 PAYG - Instalment is Company Tax paid by the Company based on the taxable profit of last year.

 If your Company had a loss, there would be no PAYG - I.

 

 PAYG - Withholding is tax deducted from the gross Salary of an employee by the Company

 I understand you are the only employee in the Company

 Lets say your Salary for FY17 is $80,000 and in round terms tax for the year is $20,000

 W1 for on each quarterly BAS would be $20,000 and W2 would be $5,000

 

 GST Collected and GST Paid are calculated once you register for GST.

 

If a Company pays the Personal Income Tax or Instalment of the Director then that would be a debit to your Directors Loan Account.

 

The yearly Financial Statement if the Company has a Profit (Taxable Income) should have a Current Liability titled Income Tax Payable FYxx.

 

Would suggest that you have your Tax Accountant allocate for you and then follow that procedure in the future.

I often have my clients watch in the cloud as I work.

 

Hope this helps.

 

Duncan

   

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Dyl
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Dyl
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Re: Help with allocation of bank feed transactions

Thanks Duncan
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