What entries should I complete when paying PAYG tax instalment to the ATO?
Georgie_8281276
Member Posts: 18 ✭
When I go to pay my IAS, and the only amount to be paid is the PAYG amount withheld, what entries should I complete?
And further, what should I do when I'm completing a full BAS?
If I go to Manage Tax > Pay Tax, the default account is Tax Payable (other liability). This is how it's been done for years, and as such the balance of the ATO in my suppliers list is -$200k as we just keep increasing the liability!
And further, what should I do when I'm completing a full BAS?
If I go to Manage Tax > Pay Tax, the default account is Tax Payable (other liability). This is how it's been done for years, and as such the balance of the ATO in my suppliers list is -$200k as we just keep increasing the liability!
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have the same here we are at $170k+ - some idea of clearing it would be good or even knowing we've done the right thing!
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If you are only paying PAYG you do that through payroll liabilities not Pay Tax. Go to Payroll Centre, Related Payment Activities, Create Custom Liability Payments and choose the period you are paying. Suggest you reconcile the PAYG account and then you could do a liability payment for the back amount to a given date. Then each time you pay make the entry through here. The issue when paying the GST and PAYG together is a different issue. As I only have to pay quarterly for my client I make the entry through pay tax and then edit the cheque to split between GST and PAYG. You could make two entries for the payment quarterly and then when reconciling add them together to agree with bank statement. Maybe somebody else with have a better answer for you for the quarterly combined payments.
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