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