Which GST code do I use?

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Contributing Cover User Michelle2017
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Which GST code do I use?

When I get a refund from the IRD for GST which code do I use when I allocate it?

 

There are four codes:

 

GST collected

GST input tax adjustment

GST output tax adjustment

GST paid

 

Which one should i be using.

Thanks

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Super Partner TallBooks
236 Posts
Super Partner
Australia
Super Partner

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Re: Which GST code do I use?

Hi @Michelle2017

 

The refund would be made up of an amount of GST on Sales (collected) and GST on Purchases (paid).

 

For example:

 

GST on Sales (collected) $5k

GST on Purchases (paid) $6.5k

 

Refund from IRD - $1.5k

If you enter the two lines for each account the net amount of the Receive Money should be the refund amount and this will match the bank transaction when received.


Kind Regards

Samuel Burmeister
Tall Books - Certified MYOB Partner
Training, Set-up & Small Business Bookkeeping
info@tallbooks.com.au
www.tallbooks.com.au
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