uplift1
5 years agoExperienced User
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....
- 5 years ago
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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