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How to allocate income tax refund?

Astand
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How to allocate income tax refund?

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?

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CloverQ
MYOB Moderator
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MYOB Moderator
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Re: How to allocate income tax refund?

Hi @Astand 

 

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.  

Kind regards,
Clover

MYOB Community Support

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Astand
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Re: How to allocate income tax refund?

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...

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