Hi, I have just started with Manager.io. I can’t figure out how to code a tax refund or gst refund when reconciling the bank transactions. Reading all the forum info I understand that it should be credited against a Liability account but how do I set this up so that it can be coded correctly. There is an account set up under Liabilities for Tax Payable but this does not show up as an option when coding, however Accounts Payable does (both listed as Liability accounts)
I’d appreciate any guidance on this.
Thanks
Jo
Welcome to the forum @Brighty,
The Tax Payable account is a placeholder account that will not appear in your Bank rules or other transactions such as Journal Entries.
The solution is to create a custom tax payable account from Settings > Chart of accounts which you can then use anywhere
Having taken a closer look at the AU localization, there is a custom tax payable account called GST payable.
This means that there’s an issue with your setup, either:
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you have not setup your localization,
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you have manually setup your Tax Codes on top of the localization without applying correct accounts, or
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there’s something preventing your localization
I’m not in Australia. I’m in NZ and thought I had set it to NZ. I haven’t set up any accounts. Just using what was already there.
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My mistake,
It seems like NZ localization has no account setup for taxes payable.
I will initiate the correction, however, you might want to make the changes manually in case these changes do not propagate.
Corrections are made on the localization server,
I would give it a day to test if the changes propagate, otherwise, these are the changes made:
1. Settings > Chart of Accounts—Create New Balance Sheet Account
2. Settings > Tax Codes—GST 15%—Edit
3. Settings > Tax Codes—GST Adjustment—Edit
ok, thankyou. Nothing showing as yet. I’ll have another look tomorrow and do changes myself if not showing up.
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