How to add GST 101 Payment in Reckon One

Hi Tee,

This thread has some info that should point you in the right direction.

https://community.reckon.com/reckon/topics/how-do-i-process-a-gst-payment-to-the-ird-in-reckon-one

An alternative to entering a journal transaction is to enter a transfer transaction. I've included a simple example below for both an IRD payment & an IRD refund.

IRD payment

Say you are paying the IRD $1,000.00

1. Create a new transfer transaction (Banking > Transfer money > Add)
2. Specify the date of the payment
3. Specify the payment amount (in this example $1,000.00)
4. Enable the option Show all accounts (not just bank accounts) 
5. Specify the bank account you are using in the Transfer from field (i.e. reducing the bank account balance)
6. Specify the GST on sales liability account in the Transfer to field
7. Add any relevant description information that you want to associate to this transaction for your record keeping purposes
8. Save the transaction

Note: The GST component on sales are tracked as positive amounts in the GST on sales liability account. So the balance of this account is increased by sales that have GST amounts. IRD payments offset this account & therefore reduces the balance of this account.


IRD refund

Say the IRD is refunding you $1,000.00

1. Create a new transfer transaction (Banking > Transfer money > Add)
2. Specify the date of the refund
3. Specify the refund amount (in this example $1,000.00)
4. Enable the option Show all accounts (not just bank accounts) 
5. Specify the GST on purchases liability account in the Transfer from field
6. Specify your bank account account in the Transfer to field (i.e. increasing the bank account balance)
7. Add any relevant description information that you want to associate to this transaction for your record keeping purposes
8. Save the transaction

Note: The GST component on purchases are tracked as negative amounts in the GST on purchases liability account. So the balance of this account is reduced by purchases that have GST amounts. IRD refunds offset this account & therefore increase the balance of this account.