Allocating a GST refund

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Smithy2
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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.

Screenshot 2023-04-28 at 12.20.20 pm.png
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Princess_R
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Re: Allocating a GST refund

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

clayton4115
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Re: Allocating a GST refund

Princess_R
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Re: Allocating a GST refund

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

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