Account for GST payments to or refunds from Inland Revenue

Code GST payments to or refunds from Inland Revenue to the GST account. If you pay a late filing penalty, or receive interest on a refund, code this to a different account.

When you pay GST to Inland Revenue, or receive a GST refund, code the payment to the GST account.

Image showing pmt in bank account to IRD.

If you have fees, interest or penalties with your GST payment or refund, code these items to a separate account. Don't code them to the GST account.

Example - GST payment with late filing penalty (processed as bill)

Image showing late filing penalty added to GST payment.

Example - GST refund with interest received (processed as receive money transaction during bank reconciliation)

Image showing GST refund received with interest.