Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
July 2018
July 2018
I have received a GST refund from Inland Revenue, which includes interest over and above the return amount, for paying early. My problem is not with the original GST entry but when I enter the journal entry to clear GST collected and GST paid accounts for the return. I enter the GST collected amount, the GST Paid amount and then the GST Payments/Refunds amount (which is what I actually received). I am obviously left with the small amount of interest paid by IRD which needs a Credit transaction to balance the entry.
My best thought is to enter a Credit to GST Payments & Refunds and memo it Interest Paid by IRD.
Would welcome any suggestions on how others have dealt with this?
Solved! Go to Solution.
July 2018
July 2018
Hi Meg
Your interet should be credited to an income account - generally in the 8-xxxx, Other Income section, and specifically called Interest Received. If you put it to a GST account it will wrongly sit in the balance section when it is an income to the business.
Hope this helps
July 2018
July 2018
Thank you very much. I have set up an 8-XXXX for Interest Received IRD. I already have Interest Received accounts for the various bank accounts so this makes perfect sense. Thanks again.
July 2018
July 2018
Oh ... should I also have entered the interest received separately on my original entry when I recorded the payment from Inland Revenue?
8
|
806
|
|||
5
|
1047
|
|||
3
|
1398
|
|||
1
|
967
|
|||
by
AmyProvera
March 2022
19
2899
|
19
|
2899
|