Once you have completed your Business Activity Statement (BAS) or Instalment Activity Statements (IAS) (Australia) or your end of period reporting requirements (New Zealand), you need to record the payment owing to the Australian Taxation Office (ATO) or Inland Revenue (IRD) or the credit you will receive from them. This topic provides guidelines on recording this transaction. The accounts used are examples only, so if you need clarification it's best to speak to your accounting advisor or the ATO/IRD. Using bank feeds? When your ATO /IRD payment or credit transaction comes through in the bank feed, match it to the applicable transaction (if you've already recorded the transaction). Otherwise you can allocate it to the applicable accounts. | UI Expand |
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| title | (Australia) What information do I need to enter my ATO payment or credit? |
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| | (Australia) You will need to have access to your BAS/IAS. From this you will need to look at the back sheet. This will give you the information needed to enter your transaction. The table below provides a brief description of the BAS fields, example MYOB Essentials accounts, and how an ATO payment is entered (positive or negative) using a spend money transaction. For refunds from the ATO (entered using receive money), this would be reversed. BAS Field | Field Name | Description | Example account number | In spend money the entry is +/- | 1A | Goods and Services tax payable | This is the GST that you have collected. | 2-XXXX | + (Positive) | 1B | Goods and services tax paid | This is the GST that you have paid. | 2-XXXX | - (Negative) | 4 | PAYG withholding payable | This is the total amount of PAYG that is withheld from employees and subcontractors. This field also includes amounts withheld for No ABN and also No Tax File Number. | 2-XXXX | + (Positive) | 5A | PAYG Instalments | This is the prepayment of PAYG, which is based on total Income and the instalment rate that is set on your BAS/IAS form, or an instalment amount. | 3-XXXX | + (Positive |
Need to create an account? See Adding, editing and deleting accounts. |
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| title | (Australia) How do I enter a payment to the ATO? |
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| (Australia) How do I enter a payment to the ATO?- On the Banking menu, click Spend money. The Create spend money transaction page appears.
- In the Bank account field, choose the account the ATO payment is coming from.
- If you have set up the ATO as a contact, select this contact in the Contact field.
- Enter a Description of transaction.
- In the Amounts are field, select Tax exclusive.
- Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor.
- When all lines have been entered, click Record.
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| title | (Australia) How do I enter a refund (credit) from the ATO? |
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| (Australia) How do I enter a refund (credit) from the ATO?If you are to receive a refund from the ATO you will need to record it through a receive money transaction. The allocation accounts will be the same as those for an ATO payment. When entering the amounts, they should be entered opposite to the table above. - On the Banking menu, click Receive money. The Create receive money transaction page appears.
- In the Bank account field, choose the account the ATO payment is going into.
- If you have set up the ATO as a contact, select this contact in the Contact field.
- Enter a Description of transaction.
- In the Amounts are field, select Tax exclusive.
- Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor.
- When all lines have been entered, click Record.
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| title | (New Zealand) How do I enter a payment to the IRD? |
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| (New Zealand) How do I enter a payment to the IRD?If you owe a payment to the IRD you can record it through a Spend money transaction. - On the Banking menu, click Spend money. The Create spend money transaction page appears.
- In the Bank account field, choose the account the IRD payment is coming from.
- If you have set up the IRD as a contact, select this contact in the Contact field.
- Enter a Description of transaction.
- In the Amounts are field, select GST exclusive.
- Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor.
- When all lines have been entered, click Record.
Need to create an account? See Adding, editing and deleting accounts. |
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| title | (New Zealand) How do I enter a refund (credit) from the IRD? |
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| (New Zealand) How do I enter a refund (credit) from the IRD?If you are to receive a refund from the IRD you can record it through a Receive money transaction. The allocation accounts will be the same as those for an IRD payment. - On the Banking menu, click Receive money. The Create receive money transaction page appears.
- In the Bank account field, choose the account the IRD payment is going into.
- If you have set up the IRD as a contact, select this contact in the Contact field.
- Enter a Description of transaction.
- In the Amounts are field, select GST exclusive.
- Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor.
- When all lines have been entered, click Record.
Need to create an account? See Adding, editing and deleting accounts. |
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