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grantlisa-brydon
Level 2
posted
‎September 17, 2022 08:41 AM
last updated ‎September 16, 2022 3:41 PM

PAYG Withholding

Hi,

When making payments to the ATO for tax withheld, what account do I enter this under? Does it get recorded under the PAYG Liability and come off that amount (journal entries created when wages have been recorded) or do I record it under the PAYG Withholdings Payable? 

Thank you!

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1 Comment 1
IntuitAika
Intuit
Intuit
‎September 19, 2022 09:18 AM

PAYG Withholding

Hi grantlisa-brydon,

 

Thanks for posting in the Community!

 

When you finalise a pay run, a payroll journal will be exported to QuickBooks Online. PAYG Withholding amount will be automatically allocated with a code BAS-W2 and will be included on your BAS lodgement. 

 

When you mark the BAS as paid in the GST tab, the system is designed to move the PAYG Payable amount into the ATO Clearing Account to then be offset by the match in the bank feed. 

 

For your reference, you can check on this article: GST Chart of Accounts and Lodgement Journal Overview.

 

Feel free to drop a comment below if you have any other questions. Have a great day! 

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