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GST/INC Payments

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Paul_RiThink
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GST/INC Payments

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 

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jenniek
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Re: GST/INC Payments

hi @Paul_RiThink 

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.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Paul_RiThink
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Re: GST/INC Payments

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?

jenniek
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Re: GST/INC Payments

Hi @Paul_RiThink 

Correct. I'm guessing these transactions are prior to bank feeds?

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Paul_RiThink
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Re: GST/INC Payments

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

Paul_RiThink
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Re: GST/INC Payments

hi. in the GL codes GST paid 2-2200 - would this be the right code to use? 

and for the income tax, would i need to create a new code for this? as i dont see one already there

thanks

jenniek
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Re: GST/INC Payments

Hi @Paul_RiThink 

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.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz

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