how would you record the cash flow boost refund
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margaret_9248620
Member Posts: 47 ✭
I would like to know how would your record the refund the cash flow boost. Say in the bas portal you received 50,000 cash flow boost, and then the ATO debit what you owe in GST say 13,000 leaving the refund of 37,000 to be refunded. How would you record all this making sure you clear of your liability in BAS?
When doing BAS normally i record it as a cheque into the bas Clearing account then do a journal entry to clear it from both the TAX Payable and GST Clearing account.
When doing BAS normally i record it as a cheque into the bas Clearing account then do a journal entry to clear it from both the TAX Payable and GST Clearing account.
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Comments
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Hi Margaret..see my post here https://community.reckon.com/reckon/topics/jobkeeper-deposits-received-from-ato-entering-in-your-reckon-accounts Do your entry as a make deposit per my suggestion, allocating the tax payable amount of 13000 as a negative line.. so the net amount received to bank is 37000.1
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Hi Linda
How do we account for the cash flow boost merely being used in our integrated account to offset the PAYG owed. No cash refund received.
I also need to know how to clear the amount owing in the pay liabilities tab for PAYG. I am still confused... (not hard I know)
Tina0 -
So easy...Thank you very much Linda!0
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