GST Refund - how do you enter a credit into Reckon Hosted

Leonie_7843277
Leonie_7843277 Member Posts: 16
edited October 2017 in Accounts Hosted
For the September BAS I have a credit for the GST portion of this return.  I will not however get a refund cheque for this amount as there is still outstanding tax that is to be paid from previous tax reporting periods

In order to keep an eye on what tax is due (overdue), once I have reported to ATO an amount payable I then enter the cheque through the "payroll liability" for the PAYG and the "Manage Tax" for the GST.
My problem now is how do I enter a GST refund, when I will not actually be getting a refund.

Can I go back to previous cheques that are have been entered into Reckon Hosted, but have not actually been paid to the ATO, and add a credit line against "tax payable" thereby, reducing the amount of a cheque that is to be paid.  Will this action affect my future tax balances in Reckon.

Any comments / recommendations would be greatly appreciated.

Comments

  • Kim Chapman - COS Business Solutions
    Kim Chapman - COS Business Solutions Accredited Partner Posts: 204 Accredited Partner Accredited Partner
    edited October 2017

    Hi Leonie

    You have to enter every BAS, whether you pay them or not.  You will need to setup a Current Liability Account my preference is to call it ATO - Integrated Client Account.  You then need to create the bas payment/refunds as per normal, only put another line to the ATO - Integrated Client Account and put either - or + the amount that you are receiving or paying.  The cheque will be void transaction, as it is really going to be a $0 transaction as nothing is going to be paid.  I like to use a Clearing account to do this part.

    This ATO - Integrated Client Account is your loan account with the ATO and should reflect all transactions that are listed on it as per following info.

    Note that if the debt is Income tax related then it is a different ATO account.  Your Integrated Client Account balance/Statement will be available on the ATO portal, and you should be able to see here your previous unpaid GST.


    Hope this makes sense.

    Kind Regards

    Kim Chapman

    Accredited Partner.