October 3, 2016 at 10:29 am #9062
Hi, received a “net GST refund amount” back into my funds back account. Does anyone know how to enter this money received into Mclowd? Is it classed as an income.
CheersOctober 5, 2016 at 3:28 am #9085
Please identify where you have recorded the opening receivable of GST and then record via journal entry by Db bank and Cr receivable account.
bosOctober 7, 2016 at 9:10 am #9113
GST refund is not an Income.
You would need to treat ATO as a debtor , who owes you refund of the GST you paid on some of the SMSF expenses.
For example – If you paid $ 1100 as strata fee , that had $ 100 GST to be claimed from ATO.
In the first instance you would record a payment- :
Dr Expense Investment expenses $1000
Dr Sundry Debtor ATO ( Debtor – value equal to GST) $100
Cr BANK $1100
When you file your BAS and obtain a refund of the $ 100 ,
You would record a journal-
Dr Bank $ 100
Cr Sundry debtor (ATO) $100
Trust that clarifies
BOSOctober 9, 2016 at 2:40 am #9135
The payment to tax office is not due until Feb2017 which include supervisory levies etc for my first year and GST. So before I have to pay these I get net GST refund. Is not an income, it is a negative expense that I have not yet entered into Mclowd. Mclowd won’t allow a negative expense against an expense. I cannot enter the future liability.
Should I wait until the Feb17 tax is paid and then do the journals as you kindly advised?
Thanks for your help, Peter
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