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GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

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Possum2
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GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

Hi,

 

I took over the role of Treasurer for a small NFP last year.  We have received a refund for a GST overpayment  from 2020 that has been sitting at the ATO.  I am hoping someone can advise how I should account for it in MYOB Business Pro Online.

 

Thanks in advance.

Kathy

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Genreve_S
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Re: GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

Hi @Possum2 

Thanks for posting. 

 

Here is a useful Help Article Recording ATO payments and credits (Australia). There is also a section there where it tells you how to process a refund from ATO. 

 

Cheers 

Genreve

Possum2
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Re: GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

Thank you Smiley Happy

Possum2
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Re: GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

Sorry, actually I read that, but the issue is that this an overpayment from a couple of years ago and MYOB is accounts are set up with gst collected and gst paid.  Maybe I just create a payment and allocate to tax refund? 

Genreve_S
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Re: GST OVERPAYMENT REFUND FROM A PREVIOUS YEAR

Hi @Possum2

 

Thanks for your reply. 

 

Since this was from a couple of years back, I would suggest you talk to your financial advisor about how to record this. 

 

If there are any other questions you have regarding anything in the application feel free to let us know. 

 

Cheers, 

Genreve

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