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Hi, I have QB online and what appears to be the newer GST page. The trouble is when I click record payments I can't vary the amounts. I lodged a few old BAS's in a row to catch up and the ATO refunded me in two separate payments.
The payments received don't seem to correspond to the BAS's I lodged, and I can't reconcile my bank accounts until the payment are recorded.
Is it possible to access the old GST page where we can vary the amount?
Thanks,
Nick
Solved! Go to Solution.
Hi BQNick,
While you are able to enter varying amounts when recording BAS payments (such as if you paid the amount in instalments), you will be unable to do the same if the GST Centre is expecting a refund. While it is not possible to revert you to the previous GST Centre, if the amounts you have received don't match the BAS amounts you have recorded in QBO you can use a clearing account to record the payments. You record your bank transactions to this clearing account, then mark the BAS periods as refunded using this balance. This way the BAS refunds are recorded and you will also be able to reconcile your bank account. Firstly, create the clearing account:
Then you can categorise your bank transactions this account and use the balance to record the refunds in the GST Centre:
Now you have accounted for the transactions in the bank, recorded the refunds in the GST Centre, and will be able to reconcile your bank account.
-Kass
Hi BQNick,
While you are able to enter varying amounts when recording BAS payments (such as if you paid the amount in instalments), you will be unable to do the same if the GST Centre is expecting a refund. While it is not possible to revert you to the previous GST Centre, if the amounts you have received don't match the BAS amounts you have recorded in QBO you can use a clearing account to record the payments. You record your bank transactions to this clearing account, then mark the BAS periods as refunded using this balance. This way the BAS refunds are recorded and you will also be able to reconcile your bank account. Firstly, create the clearing account:
Then you can categorise your bank transactions this account and use the balance to record the refunds in the GST Centre:
Now you have accounted for the transactions in the bank, recorded the refunds in the GST Centre, and will be able to reconcile your bank account.
-Kass
Kass!! Thank you so much! that is just what I needed!
Very helpful, very clearly explained and now my refunds are recorded, my accounts reconciled and my BAS is lodged!!
Thanks again,
Nick
After recording the refund to that clearing account, I still have additional funds there ($5000 cash boost from the ATO). Do I use a journal entry to move that excess cash to Owners Drawings?
Hi hello33,
To answer question it would be tricky without having a chat over our phone support to view how you the journal has been organised. Based on the articles for 'Recording Cash Boost stimulus payments' you can see here.
As an example used in the article about allocating the refund which includes the creation of the journal entry:
The GST Payable is $10,000 and the Cash Boost is $15,000 this means you will a refund of $5000 from the ATO
It would be best to give our customer success team a call, which you can find out contact details here. This way our team can run through the steps with you to see if the refund has been set up correctly. Overall please note we would recommend you reach out to your accountant or bookkeeper to confirm the the owners drawing is the best account to use for the business.
-Steven
Thanks that article was helpful. I have successfully reconciled the BAS and Cash Boost against the bank transactions. However, my balance sheet is still showing a negative balance in the PayG Instalment Liabilities account (equal to the PayGI on the BAS in question). Why was this amount not zeroed as in the case of PayG Withholdings Payable/GST Liabilities accounts?
Hi Hello33,
The PAYG Instalment Liabilities account serves as a record of the PAYG Instalment amounts you have paid over the course of the financial year.
At the close of the financial year, this amount will be factored into your tax return, so the account keeps a record of the amount paid. Your accountant will address the amount in the PAYG Instalment Liabilities account at the end of the financial year.
The main purpose of PAYG Instalment payments are to offset the amount payable when you lodge your tax return. For more information on PAYG Instalments, please refer to this ATO article regarding them.
-Ken
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