Paying the PAYG tax liability and receiving a GST Tax refund
Legacy KB ID: 2064
Question
How do I pay the PAYG tax liability and receive a Tax refund to reflect as one transaction in my bank register?
Answer
Reckon Accounts needs to treat this process with two transactions
- Paying the PAYG tax liability, you do this by clicking on the Employee menu, choose Process Payroll Liabilities and Pay Payroll Liabilities.
- Receiving a Tax refund, you do this by clicking on the Suppliers menu and choose Receive Tax Refund.
But you want to reflect these transactions as one in your Business bank account, the following procedure describes how to do this.
The process requires you to setup a 'temporary' bank account, you can call this what ever you prefer.
See the Reckon Accounts help index 'accounts, adding to your chart of accounts' for more information on adding accounts to the chart of accounts
- We use this bank account to complete the transactions mentioned in points 1 and 2 above.
- After completing these two transactions you then transfer the balance from the temporary account to your business bank account
- This would reflect one transaction in the Business account register which you can then reconcile when you receive the bank statement.
See the Reckon Accounts help Index 'transferring funds, between balance sheet accounts' for more information.
Need more help?
Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts
Or Log a Support Ticket: https://www.reckon.com/au/support/
