I have a specific payment for the 2021-2022 financial year, that I only just remembered about. It’s no problem with the income tax side of things, because I am only doing the income tax return for that FY now. However, as I didn’t remember it back when I was doing the BAS for that quarter, it is only now that I will be including the GST part of the payment - in other words, I will be including it with the next BAS that is due. Financially, it is no issue as the Australian Tax Office allows up to four years to claim GST on a payment. However, I am not sure how to account for this in manager.io. I am not sure how I can account for the deductible expense in one financial year while at the same time accounting for the GST claiming side during a different financial year.
Any help much appreciated.
For complex and extraordinary situations, record your transaction as you normally would – ignoring any tax effects for the monent.
Then, use Journal Entries to balance things out and ensure your tax records are compliant.
Thanks for your reply Ealfardan. I’ll give it a try,