BAS REFUNDS/PAYMENTS
Ok forgive me in advanced if this has been answered 1000000000 times.... I may need this to be broken down into steps :)
From the very begining, how do i account/record my BAS. Refund or payable.
Do i need to create a Card file named ATO?????
I understand a refund should be recorded through the Receive Money Window, but what account would i use?
Same as a payable Bas whouch be recorded through the Spend Money Window. I get this step but its the steps in between im unsure of.
Hi uplift1
Thanks for your post. You are correct that a BAS payment is recorded in Spend Money and a BAS refund is recorded in Receive Money. When it comes to the accounts to allocate the payment/refund to, you would use the applicable liability accounts.
This help article explains in detail how to record these transactions: Recording your ATO payments or credits. A personal tip from me is that it's also a good idea to reconcile those liability accounts back to zero after paying your BAS.
Please let me know if you need further help.
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