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Recording a GST refund
by Intuit•4• Updated 1 year ago
To record a GST Refund in the GST Centre:
- Go to GST.
- Under To Pay, select Record Refund.
- Select the Account the payment will be deposited into and the Date of the refund.
- Input any Memo for the transaction.
- Select Save.
To record a Refund when you don't lodge your BAS through the GST Centre:
- Select + New and then Journal Entry under Other.
- In Line 1, enter the GST Liabilities Payable account.
- Enter the GST collected on Sales on the Debits side.
- In Line 2, enter the GST Liabilities Payable account.
- Enter the GST on Purchases on the Credits side.
- In Line 3, enter the ATO Clearing account (or clearing account you use) and enter the refund amount on the Debits side.
- Select Save and new to create a second journal entry to record the refund in the bank account.
- In Line 1, enter the ATO Clearing account (or clearing account you use) and enter the refund amount on the Credits side.
- In Line 2, enter the Bank account the payment came from and the full refund amount on the Debits side.
- Select Save and Close.
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