how to process GST refund when credit note issued to our Business Portal ATO account (and NO money a

rose ivory
rose ivory Member Posts: 5 Reckoner Reckoner
edited October 2024 in Accounts Hosted

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  • Carrie_7009426
    Carrie_7009426 Member Posts: 62 Novice Member Novice Member
    edited July 2019
    Hi Rose,  Did you get an answer to this question?  We have the same problem.
  • John G
    John G Reckon Staff Posts: 1,353 Reckon Staff Reckon Staff
    edited February 2017
    Hi Carrie,

    Thanks for asking.

    The "straightforward" way is to treat your GST refund at the ATO as an asset, so processing a General Journal with a Dr to a current asset account called "GST Refund at ATO" and a Cr to Tax Payable account.

    However, that entry won't be included in any Tax Reports which only capture tax components from authorised transaction types.  Does it need to appear in any Tax Reports?  If it does then you'll need to do 2 transactions.  Firstly, go to Suppliers > Tax Activities  > Manage Tax > Receive Tax Refund and process the transaction through a Bank Clearing Account.  Then you'll need to do the General Journal to clear the Bank clearing Account to your current asset for "GST refund at ATO".

    Hope this helps.

    regards,
    John
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