Forum Discussion

MegC's avatar
MegC
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...
  • Murray_McKenzie's avatar
    Murray_McKenzie
    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

     

MegC's avatar
MegC

Thank you very much.  I have set up an 8-XXXX for Interest Received IRD.  I already have Interest Received accounts for the various bank accounts so this makes perfect sense.  Thanks again.

MegC's avatar
MegC
7 years ago

Oh ... should I also have entered the interest received separately on my original entry when I recorded the payment from Inland Revenue?  

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.