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GST Payments and Refunds to IRD - where do i allocate these

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MarkT77
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MarkT77

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GST Payments and Refunds to IRD - where do i allocate these

Hello,

 

So I have been using MYOB for a few years now and find it very simple and great to use. The one question that I have is how I allocate any GST payments made to IRD. I file GST returns every 6 months and some are credits and some are debits. I allocate the credits under '2-2000 GST collected' and debits under '2-2200GST Paid'.

 

It works fine as when I do my 6 monthly returns I select the date range to find how much GST is owed or to be claimed. It just seems a little messy as on my balance sheet it shows ALL of the GST I have collected vs ALL of the GST I have paid. Would be better if it only showed what my actual true 'current liability' is...?

 

Any help would be greatly appreciated.

 

Thanks

 

Mark

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Ultimate Partner GDay53
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GDay53
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Re: GST Payments and Refunds to IRD - where do i allocate these

@MarkT77

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

Have a look at this article on the ATO Integrated Client Account.

I understand that you are in New Zealand and the system is different but you might be able to to modify to suit your needs.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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MYOB Moderator Steven_M
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Re: GST Payments and Refunds to IRD - where do i allocate these

Hi @MarkT77

 

Great to see @GDay53 offer assistance in regards to your enquiry.


AccountRight Help Article: Recording ATO or IRD payments and credits would be able to assist with recording the necessary transaction. Like most of our Help Articles it will explain for the process for both New Zealand and Australian company files.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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Ultimate Partner jenniek
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Re: GST Payments and Refunds to IRD - where do i allocate these

Hi @MarkT77

I would create another GL account in the Chart called "GST Payments/Refunds" - all payments or refunds should be coded there. This makes the accountants job a lot easier when reconciling. If you code them to GST Paid and GST collected, the accountant has to go hunting for them.

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