How do I

How do I… Post a PAYG payment included in a BAS payment or refund receipt?

PAYG is often calculated and paid as part of a BAS payment. The PAYG instalment may reduce your entitlement to a refund of GST Paid or increase the amount of a payment due to the ATO.

The first step in posting correctly is to enter the journals required to show the total BAS due to or refundable from the ATO and the appropriate PAYG component.

Refer to Chapter 9: Account Maintenance, sections 9.5.1 Journals – BAS returns; 9.5.2 Journal Entries – Payment of BAS; and 9.5.3 Entering a BAS refund received for detailed instructions.

If you have made the postings required to enter your periodic BAS return correctly, your Fund accounts will either show an amount owed to the ATO or a refund due from the ATO in 2-2100 Sundry Creditors.

When you make your BAS payment or receive your BAS refund, you should allocate it to 2-2100 Sundry Creditors. There is no need to identify the PAYG component separately, as the segregation was taken care of when processing the BAS return.

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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