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How to record company income tax returns refund in quick books? As it is not an expense and income which should not show in profit and loss report? I am talking about End of Financial year returns not GST?
Someone advised me it should go to ATO clearing account but if transaction categorised to ATO clearing account how I can make it 0.
Hi Deepika338,
Thanks for posting in the Community! Have you enabled Company income tax (PAYG Instalments) option on your tax settings? If yes, you can record the payment or refund by going to GST tab. When your activity statement is lodged, QuickBooks will automatically post a journal entry against the PAYG Instalment Liabilities account and the ATO Clearing account. Therefore, any payment recorded in GST tab will reflect on the ATO Clearing account.
On the other hand, you can also enter the company income tax refund in QuickBooks Online via journal entry. However, it would be best to consult an accountant to ensure that you've allocated it to the correct category.
For more detailed information, you can also check this article: Reporting PAYG Instalments on BAS and IAS.
Feel free to drop a comment below if you have any other questions, we're here to help you.
How we can record income tax returns refund and deposit??? can you please explain step by step. I am asking about tax returns not GST or IAS.
Thank you for your response, Deepika338. Since the information you're trying to record is not related to GST or IAS, it would suggest to consult an accountant. This is to ensure that you'll be provided with the accurate information on how to record a company income tax refund in QuickBooks Online. If you don't have an accountant, you can find one here.
Message us back if you have any other questions.
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