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Recording an Income Tax refund

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Slava
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Recording an Income Tax refund

Can someone advise as to how an Income Tax refund is recorded in Essentials.

 

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Slava
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Recording an Income Tax refund

Can someone advise as to how an Income Tax refund is recorded in Essentials.

CloverQ
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Re: Recording an Income Tax refund

Hi @Slava 

 

I'd suggest taking a look of this Help article on Recording ATO or IRD payments and credits, then record the refund accordingly. If you are unsure which Essentials accounts to allocate the refund to, it's best to check with your accountant/bookkeeper. 

 

I hope this helps.

Kind regards,
Clover

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Slava
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Re: Recording an Income Tax refund

Hi CloverQ,
The Help page refers to creating a Receive Money Journal but as an example it takes GST collected and GST paid accounts that are presets in Essential. In Reports "Goods and services tax return" they are under 10 and 14 respectively. So it is simple Collected less Paid is the amount of GST.

 

In this case there is only an Equity Income Tax account that I would normally assign a Payable Tax amount to.
Now I have a Refund amount and something tells me that it can’t be that simple just to create another Equity account and follow the GST accounts logic. Isn’t it?

 

 

 

jenniek
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Re: Recording an Income Tax refund

Hi @Slava 

We generally create another account in the Chart of Accounts called GST Payments/refunds - if that what you are talking about - GST. If it is Income Tax refund - then you should have an account called Income Tax in either expenses or the balance sheet. Code it to there.

 

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

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