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Please bear with me, i must be pretty slow on the uptake with this GST refund business. I have just received a GST refund from the IRD for items i have purchased but not yet sold. Refund has been deposited in to the business account and has come through the bank feed showing unallocated.
Can somebody run me through how to alloacte this in simple terms?
Solved! Go to Solution.
If you are to receive a refund from the ATO you will need to record it through a Receive Money transaction. The allocation accounts will be the same as those for an ATO payment. When entering the amounts in the Receive Money window, they should be entered opposite to the table above.
Hope this helps and let us know how you go as we are happy to help.
I have a similar question. ATO has now refunded me my GST after submitting my BAS for 2017/18. If i am to follow your step below for receiving the money, would this lead to double entry on what already been done for my BAS form for 2017/18?