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Income tax refund for franking credits Expand / Collapse
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Posted 25/05/2012 5:15:49 PM
Junior Member

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How do you enter an ATO refund cheque as a receipt?
Post #4812
Posted 27/05/2012 3:48:30 PM


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Hi,

You need to consult your accountant on the exact journal entry but it would generally be a new receipt type set up under Configuration > Payment and Receipt Types. You would then add a new cash receipt via Cash and Bank Accounts > 'new receipt type'.

A cash receipt will automatically debit the bank account selected so it's just a matter of selecting which account to credit. Usually a tax refund will just reduce your tax liability at the end of the year but this is up to your accountant.

Regards,

MySF
Post #4813
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