Schedular Payments Contractors

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Schedular Payments Contractors

I am a contractor with a limited business charging GST.

 

I get payments into my account with a portion withheld.

 

How do I account for this missing amount?!

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Re: Schedular Payments Contractors

Hi @nzblackcat

 

Welcome to the MYOB Community Forum, I hope you find it a great resource

 

This is probably something you will want to speak to your accountant about, as they will be able to advise you of the appropriate accounts to use.

 

Generally speaking if the payment is not going to match the corresponding invoice then to close off the invoice you will need to either adjust the invoice to match the payment or create a customer return to offset the difference between the invoice and the payment. I recommend checking with your accountant over which method they would prefer you use.

Regards,
Neil

MYOB Community Support

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Re: Schedular Payments Contractors

I have exactly the same issue as the original forum post.

 

I've spent many hours trying to configure MYOB essentials to account for these deductions and your response of "please refer to your accountant" does not cut the mustard for a tool that is designed for this purpose.

 

Schedular payments are common for both limited and sole traders.

 

 

One way I'm trying it, is to apply a 20% discount to payments that are recieved from the supplier (under "Take Payment"), which means that automatching won't work. I can thencreate a journal to get it out of the discount account into income tax.

 

In my case, payments to me may cover several work items - which makes automatching invoices more difficult again.

 

Please advise whether there is a fix for this on the product backlog... otherwise I'll see if Xero can do this better.

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Re: Schedular Payments Contractors

Good question.  I have been puzzling about whether GST is payable on the invoiced fee, which arrives as a schedular payment labelled "salary" with the tax deducted.  I am left with an invoice which doesn't match the payment received, and which I can't close off for my GST return.   

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Re: Schedular Payments Contractors

HI @Beevee

 

If you are unsure as to whether GST is payable on a particular amount, I recommend speaking with your tax accountant. They will be able to advise you of whether a particular amount should attract GST or not if it isn’t clear on the invoice.

Regards,
Neil

MYOB Community Support

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