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
I entered the payment in "Banking >Make Deposits to an account "tax payable"
Thoughts?
If it’s for GST - & that’s your GST account - then yes, that’s correct ☺️
It is an annual income return
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.
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.
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
