I have received a GST refund from the ATO. I have no idea where I am meant to put it. Could you please let me know what I have to do?
Record Receive money
transaction under Bank accounts
tab and categorize the amount received to Tax payable
account.
If it’s common that you receive GST refunds, you can go to Settings
, then Chart of accounts
and rename Tax payable
account to GST refundable
and change the category from Liabilities
to Assets
but this is completely optional.