Navigation
| From the Main Toolbar, go to Accounting. |
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| Select Transaction list |
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| Select New Transaction. |
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| Select Bank Statement. |  |
Tax Refund payment
Transaction Details
In this scenario the fund received a refund of $1,000.
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Input the date and a reference number. You can include a description in the Description box.
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Under the Account heading, select the bank account from the Input Bank Account box. Next, type 85000 into the second account box and select Income Tax Payable from the drop down list.
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Input the refund amount as a credit ($612). The Tax Instalment Details panel will appear.
In this example the levy is $388. The total tax allocated section will read $1,000.
- Select Save to post the transaction.