Hi,
I run Reckon Accounts Accounting 2015
I have a Paypal, "Bank Account" from which i made a purchase of $519.95 and attributed it to my Business Purchase Expense Account. This purchase has a GST portion of $47.27.
I have since been refunded the expense, this has gone back as a Deposit into the Paypal Bank Account, and i have attributed it to the Business Purchase Expense Account.
My problem is this.... The tax report still shows the original purchase and the tax amount of $47.27.
How do i enter this refund so the purchase is cancelled out and does not show from a tax point of view?
I run Reckon Accounts Accounting 2015
I have a Paypal, "Bank Account" from which i made a purchase of $519.95 and attributed it to my Business Purchase Expense Account. This purchase has a GST portion of $47.27.
I have since been refunded the expense, this has gone back as a Deposit into the Paypal Bank Account, and i have attributed it to the Business Purchase Expense Account.
My problem is this.... The tax report still shows the original purchase and the tax amount of $47.27.
How do i enter this refund so the purchase is cancelled out and does not show from a tax point of view?