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