Tax refund

Chris_7194422
Chris_7194422 Member Posts: 51 ✭✭

Could somebody please guide me to entering a tax refund in Reckon Accounts please?

The help file indicates "Suppliers- receive tax refund". But it doesn't exist.

Thanks, Chris

Answers

  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    I entered the payment in "Banking >Make Deposits to an account "tax payable"

    Thoughts?

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,315 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2023

    If it’s for GST - & that’s your GST account - then yes, that’s correct ☺️

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    It is an annual income return

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,315 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2023

    OK - in that case, not that account then. Was this company or personal income tax ? Where did you post your payments of this tax too (eg Equity-type “Drawings” account) ?

    If company income tax, this is often an asset or current liability account.

    Depending on your business structure, personal transactions might be posted to equity or asset/liability accounts.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    I am a sole trader that pays personal payg with quarterly GST. If I owe tax, I use the command /Suppliers /Tax activities /Pay Tax (to the ATO). The payment that I enter here defaults into "tax payable" account.

    Thanks for your responses to this, I appreciate it very much.


  • Kris_Williams
    Kris_Williams Member Posts: 3,243 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    the process you use is for the quarterly BAS, for income tax use the cheque window and post to Income Tax or drawings as per Shaz’s information. And for a refund, make deposits, but use the Income tax or drawings account as well