Allocate net GST paid amount
Hi all, I am allocating transaction in bank feed, we paid the difference between Collected GST and paid GST, is this should be allocated into PAYG payable? If I paid for couple of months, do I need...
Forum Discussion
Hi Zoey667,
Thank you for your post, and welcome to the Community forum.
First, it's important to note that the appropriate allocation may vary based on your specific business structure. In this situation, I recommend consulting with your accountant for further information. They can provide guidance tailored to your business structure and can also guide you on whether it should be split and how to accurately reflect these transactions in your accounting records. This is to ensure that your financial transactions are correctly recorded and in compliance with tax regulations.
If there's anything else I can help you with, feel free to let me know. I'm happy to help.
Cheers,
Princess
