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Re: Temporary Holding Account
Hi Tracey, Thanks for your reply. I followed the MYOB instructions and created a temporary holding account, not an electronic refunds account but I could change the name of the account. Should the tax code be N-T for the electronic refunds account? I have followed the same process you listed below but just with a different refund account name. When I look at the debits and credits in the temporary holding account, the debits don't include the GST but the credit side does. This ends up leaving me with the GST amount in the temporary holding account. My accountant then creates a journal entry to clear the amount out of the account. Are you able to advise anything further? Thanks847Views0likes1CommentTemporary Holding Account
Hi, I set up a temporary holding account to use when paying refunds electronically when following the MYOB instructions. When I do the refund, there is a balance left in the account which equals the GST amount. I changed the code to N-T but it is still happening. The credit amount includes the GST but the debit amount is GST free. Our accountant did a journal entry to clear the account but I wanted to know the correct set up so this doesn't keep happening. I am not a bookkeeper or accountant so am a bit unsure what I should do. Any help appreciated.Solved1KViews0likes3Comments