How to apply a refund in reckon desktop. I have an ATO refund to apply what’s the best way to proces

Sasha23
Sasha23 Member Posts: 59

Comments

  • Graham Meredith_8157454
    Graham Meredith_8157454 Member Posts: 50
    edited September 2019
    Hi Marissa

    It really depends on what the ATO refund is for ??

    Is it a refund on your BAS for GST or is a refund for Income Tax and if so are you a sole trader ?
  • Sasha23
    Sasha23 Member Posts: 59
    edited February 2020
    Hi Graham it’s for BAS
  • Graham Meredith_8157454
    Graham Meredith_8157454 Member Posts: 50
    edited September 2019
    Hi Marissa

    Then the next question is does your BAS only have GST or do you also have PAYG-W and/or PAYG-I ?

    Do you have an account for your ATO Integrated Client Account in your Chart of Accounts or not ?

    If simply GST refund as you have no other tax liabilities and you have no ATO ICA in your Chart of Accounts, then I would simply do a deposit to the Tax Payable account.
  • Sue_10075371
    Sue_10075371 Member Posts: 41
    edited February 2020
    Hi Marissa.  On the Home page, select Manage Tax then click on Receive Tax Refund.  Skip past Payments to Deposit.  This takes you to the Make Deposits screen.  Received from, Account and Memo is already completed.  Just add the Payment Method and the Amount.  Cheers, Sue
  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
    When I do my BAS I always do a bill to the ATO if I have to pay, and I date it the end of the relevant quarter. I break it down to Tax payable for the GsT portion, PAYG for tax withheld and Provision for Income Tax. For a refund I do a journal using accounts receivable for a refund.and the relevant accounts. This way I only have to use the pay bills or receive payments windows to process payments and refunds, and my payg account results in a zero at the end of each period. The tax payable also results in a zero or represents 1/11th of outstanding invoices. I’ve been doing it this way for 20 years and it works very well
  • Sasha23
    Sasha23 Member Posts: 59
    edited September 2019
    Thanks Sue
  • Sasha23
    Sasha23 Member Posts: 59
    edited September 2019
    Thanks Kris are you able to show a screen print at all of the journal