PAYG instalment refund

TVD1 · ‎August 19, 2020

We changed our tax structure mid way through the year which resulted in a PAYG instalment refund from the ATO. How do I record this as it will not let me code directly to the "PAYG instalment Liability" account where the instalment is sitting as it says "You can't transfer money in or out of this account. It's used by the system to track tax amounts."

Ken - Product Champion · ‎August 19, 2020

Hello TVD1,

If you are looking to move funds within the system tax accounts, then a normal transaction will not allow you to do so.

Instead, if you create a journal entry between your desired accounts, the system will allow this, provided that you do not select any tax codes on lines with a system tax account. Journal entries do not require tax codes to be selected if they are unecessary.

If you have an outstanding bank feed that needs to be handled, then this can be matched to the journal entry you have created.

-Ken

View solution in original post

Ken - Product Champion · ‎August 19, 2020

Hello TVD1,

If you are looking to move funds within the system tax accounts, then a normal transaction will not allow you to do so.

Instead, if you create a journal entry between your desired accounts, the system will allow this, provided that you do not select any tax codes on lines with a system tax account. Journal entries do not require tax codes to be selected if they are unecessary.

If you have an outstanding bank feed that needs to be handled, then this can be matched to the journal entry you have created.

-Ken

TVD1 · ‎September 09, 2020

Thanks Ken, that worked perfectly.

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PAYG instalment refund