PAYG Instalments

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JodieC
JodieC Member Posts: 1

Hi,

Is there a way to record PAYG instalments so that they show up on balance sheet? I am trying to do this so that what is showing in my ATO owing balances with Reckon one, however I have been searching on here and only suggestion that sort of worked was to create a liability account (PAYG Instalments) and bill it to ATO only issue is that is does not show up on balance sheet until the bill is paid. I need it to show up straight away.

Next question because this is an advance payment on your PAYG how does this then transfer eventually to be able to pay that off if that is the case? Not my company trying to help my sister.

Also am I correct interest charged by ATO for outstanding GST & PAYG can be entered as a journal entry one side ATO interest (expense) and other as GST Payable?

Thank you