GST REFUND - Accounts Home & Business '15

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  • Updated 4 years ago
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I am trying to find out how to zero out (properly) the *tax control* account after a GST refund.  Ie after a tax payment the tax control account is no longer correct as the ATO has refunded GST into a bank account, but the tax control account states that x amount is still owing etc.
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Johnathon Reeves

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Posted 4 years ago

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Reckon FAQs, Employee

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Hi Jonathon,

Welcome to the Reckon Community.

You should book payment/receipts of net GST to /from ATO to the Tax Control Category.  


regards,
John
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Johnathon Reeves

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Thanks, so to ensure I understand - I duplicate the actual payment transaction to/from my account to effectively zero out the account.
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Reckon FAQs, Employee

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Hi Jonathon,
No duplication necessary.  When you are receiving your GST refund into your Bank Account, set the category to Tax Control.




regards,
John