GST/INC Payments

Question

Hi. I have taken over entering invoices and reconciling bank accounts for this NZ company

There are previous payments made for GST returns and INC Tax

How do I enter these so they appear in the bank statement to reconcile?

Thanks

jenniek · Accepted Answer

Hi Paul_RiThink&nbsp;Correct. I'm guessing these transactions are prior to bank feeds?

jenniek · Answer

hi Paul_RiThink&nbsp;Which accounting system are you using?If Accountright - you would need to do a spend money transaction on the applicable date.If Essentials Accounting - there is an option in Banking called Spend Money.

paul_rithink · Answer

thanks. i am using Essentials. so its ok to just allocate the entire payment to the income tax or gst code in the spend money transaction?

paul_rithink · Answer

thanks. yes these were prior to me starting and no bank feeds set up yet

paul_rithink · Answer

hi. in the GL codes&nbsp;GST paid 2-2200 - would this be the right code to use?&nbsp;and for the income tax, would i need to create a new code for this? as i dont see one already therethanks

jenniek · Answer

Hi Paul_RiThink&nbsp;GST paid is the system account that MYOB uses. You should create an account next to it called GST Payments/refunds and code your GST payments to this account. For Income tax, create a liability code called Income Tax Paid 2-xxxx and put income tax payments, Prov tax to this account.

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GST/INC Payments

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