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I have read the relevent post here but still didn't get it.
Let say I have received $100 income tax refund, what should I allocate it to?
Thank you for your post, I'm glad to see you've found some similar posts already.
We do have a very helpful Help page that can guide you with recording this type of transaction: Recording ATO or IRD payments and credits. If you are still unsure which account to allocate in your business set up, please do check with your bookkeeper/accountant for advise.
Thanks for the answer. I had a look into it but it wasn't really clear whether I should use GST paid or GST collected...
Apologies for my delayed response. Have you since found out how to record the refund?
Typically the allocation account used for the refund should be the same as the original account used to pay for this type of ATO payment, e.g. if it was 'PAYG Instalments' used in the original ATO payment transaction (Spend Money), then this allocation account should also be used in Receive Money transaction now for the refund.
Whenever in doubt about which allocation account to use for your business set up, we do suggest confirming that with your accounting adviser.