Forum Discussion

Smithy2's avatar
Smithy2
User
2 years ago

Allocating a GST refund

Hi, I am new to MYOB.

I have just done our BAS online via MYOB and was entitled to a GST refund.

The refund has been processed and had shown up in my bank feeds but I am at a loss as to how to allocate this amount. 

I have read all the solutions I could find on here but none of them seem relivent - I am using MYOB Business online.  All the solutions I have read look to be referencing older versions of MYOB and mention a "GST Paid" account and a "GST Payable" account. The version I have only has Liability account "GST Balance"?

 

Any help would be appreciated.

3 Replies

Sort By
Replies have been turned off for this discussion
  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    2 years ago

    Hi Smithy2 

     

    Thank you for your post. I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.

     

    When you make the required payment to the ATO, or receive your refund, you need to record the transaction in MYOB. I'll provide you this Help article, Recording ATO payments and credits, that has detailed information to help you record your GST refund from the ATO.

     

    Additionally, the GST payments and refunds should be put into a separate account which you would normally create. I would recommend to seek assistance from your accountant on creating accounts.

     

    Please feel free to post again I'm happy to assist.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

     

    Cheers,

    Princess

    • Princess_R's avatar
      Princess_R
      MYOB Moderator
      2 years ago

      Hi clayton4115 

       

      Thank you for sharing that post. It will be a valuable and helpful information that other users may look at. 

       

      Please feel free to post again if you need help in the future and we'll be happy to assist.

       

      Cheers,

      Princess