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Recording a GST payment (BAS Payment) in QuickBooks Online

by Intuit•17• Updated 7 months ago

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Hey there! Did you know that businesses in Australia have to report and pay taxes like GST and PAYG? They do it through something called BAS (Business Activity Statement) payments to the ATO. Basically, the amount you pay is based on what you report in the BAS.

To record a GST Payment (BAS Payment) in the GST centre:

Go to GST, then navigate to the To Do tab.
Select Record Payment on the activity statement you want to record a payment against.
Enter the Amount paid.
Select the Account the payment was withdrawn from and the Date of the payment.
Enter a Memo for the transaction if required.
Select Save.

Note: You can only record a payment for a previously lodged activity statement.

To record a GST Payment when you don't use the Lodge BAS function in 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 (if needed), enter your PAYG Instalment Liabilities (Pay as you go income tax) on the Debits side.
In Line 4 (if needed), enter your PAYG Withholdings Payable (Pay as you go tax withheld) on the Debits side.
In Line 5, enter the ATO Clearing account (or clearing account you use) and enter the payment amount on the Credits side.
Select Save and new to create a second journal entry to record the payment from the bank account.
In Line 1, enter the ATO Clearing account (or clearing account you use) and enter the payment amount on the Debits side.
In Line 2, enter the Bank account the payment came from and the full payment amount on the Credits side.
Select Save and Close.

Here's an example on how the first journal entry amounts should be entered. (If you do not report PAYGI or PAYGW, you can leave those out).

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