7 years ago
Interest received from Inland Revenue on GST Refund
I have received a GST refund from Inland Revenue, which includes interest over and above the return amount, for paying early. My problem is not with the original GST entry but when I enter the journ...
- 7 years ago
Hi Meg
Your interet should be credited to an income account - generally in the 8-xxxx, Other Income section, and specifically called Interest Received. If you put it to a GST account it will wrongly sit in the balance section when it is an income to the business.
Hope this helps