workcover refund (how to enter the gst part )

  • 1
  • Question
  • Updated 10 months ago
  • Answered
received a refund cheque from workcover.  I have tried to enter this as make deposit, but this way is not allowing me to record the gst part of the refund 
Photo of Julie Wearing

Julie Wearing

  • 100 Points 100 badge 2x thumb
  • frustrated

Posted 10 months ago

  • 1
Photo of Charles van Rotterdam

Charles van Rotterdam

  • 8,496 Points 5k badge 2x thumb
Sales receipt
Photo of Linda Putland

Linda Putland, Accredited Partner

  • 3,854 Points 3k badge 2x thumb
Charles is right Julie - you need to enter this as a Sales Receipt... or if you are on accruals and want to show the reduction in fee in the previous financial year - then do a Tax Invoice for 30 June, then receive the payment against it on the correct date.
Photo of Julie Wearing

Julie Wearing

  • 100 Points 100 badge 2x thumb
Sorry if I'm appearing a bit thick the accountant who set up my Chart of accounts has put workcover as a supplier does it make any difference if I set them up as a customer too?
Photo of Linda Putland

Linda Putland, Accredited Partner

  • 3,854 Points 3k badge 2x thumb
perfectly fine to have them in there as both - just put a . after the name - as they cant be exactly the same.  :)
No need to set the supplier up as a customer.
Simply use the deposit slip and allocate to "Accounts Payable", then raise a Bill Credit, be sure to allocate the correct GST amount. Then go to pay bills and assign the bill credit to the deposit.