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How to assign a GST refund partially assigned to a GST payable?

For Jan - Mar qtr we should have received a refund of $3,000.  For Apr - Jun qtr we should have had a payment of $2,000.  Due to circumstances beyond our control both of these were lodged on the same day.  ATO refunded $1,000 (i.e. they kept $2K to pay the Jun qtr outstanding).  How do I enter this in Intuit?

 

If I record the payment and refunds in the GST centre for the full amounts, it doesn't come through to match off on the bank rec.  I can't record a partial refund in the GST centre.  

 

I assume I would have to record the full amounts in the GST centre, and then do some sort of journal to correct & match the bank statement, but I really am not sure.

Solved
Best answer 09-13-2019

Accepted Solutions
Anonymous
Not applicable

Re: How to assign a GST refund partially assigned to a GST payable?

Hi, SGH1.

 

For reporting purposes, it would be best to record each payment and refund you’ve received from ATO. Since these transactions are different from the bank, most users would adjust them through a journal entry.  


You might also want to just exclude the data from your bank and reconcile these transactions manually (This is if you’re not comfortable creating JE). 


Lastly, I’d still recommend consulting your account to make sure everything is recorded properly. 


The Community space is always open if you have other concerns. 
 

View solution in original post

1 Comment
Anonymous
Not applicable

Re: How to assign a GST refund partially assigned to a GST payable?

Hi, SGH1.

 

For reporting purposes, it would be best to record each payment and refund you’ve received from ATO. Since these transactions are different from the bank, most users would adjust them through a journal entry.  


You might also want to just exclude the data from your bank and reconcile these transactions manually (This is if you’re not comfortable creating JE). 


Lastly, I’d still recommend consulting your account to make sure everything is recorded properly. 


The Community space is always open if you have other concerns. 
 

View solution in original post