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MYOB Essentials - Allocating payment to ATO for BAS including fuel tax credits

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KimvV
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MYOB Essentials - Allocating payment to ATO for BAS including fuel tax credits

Hi there.  I have just starting to using MYOB Essentials for my husbands' landscaping/gardening business.  I have paid the quarterly BAS to the ATO.  I do it in two payments, the employee PAYG withholding tax and then the GST component.  When the bank transaction appears for the GST component, how do I allocate it?

For example, say the total payment for the GST component to the ATO is $3800 and this amount is appearing as a debit on my bank feed.

The GST on sales is $7200.  The GST on purchases  is $3100.  Fuel tax credit are $300.

I am allocating the GST on Sales to GST Collected in Current Liabilities.

The GST on purchases to GST paid in Current Liabilities.

Where do I allocated the outstanding amount for the Fuel Tax credits?

Thanks for the help.  

Kim.

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MYOB Moderator Steven_M
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Re: MYOB Essentials - Allocating payment to ATO for BAS including fuel tax credits

Hi @KimvV

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge

 

Generally, with ATO payments you would record a Banking>>Spend Money transaction and allocate it to the required GST accounts along with any other accounts involved. This way when that transaction has come through as a banking transaction you can select the match option to match it to respective MYOB Essentials transaction i.e. the already recorded Spend Money.


If you are unsure about the accounts, tax codes and amounts involved in the transaction I would recommend speaking to an accountant.

 

Kind regards,
Steven

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KimvV
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Re: MYOB Essentials - Allocating payment to ATO for BAS including fuel tax credits

Thanks Steve!

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