Not Sure if I have entered this right in the software, in regards to my BAS Report & Payment to the ATO?
I have used the GST Report & have entered the GST payment under Tax Payable (which is correct from reading the guide). The problem is with the PAYG liability that is paid every quarter.
Both of these payment come from my GST/PAYG Account.
GST payment is credited to the systems Tax Payable Liability. This is working correctly!
PAYG payment is credited to PAYG Liabilities (I created that Account under Liabilities).
I then created a Journal Entry that debits the Account PAYG Liabilities for the amount.
This zeros the Account PAYG Liabilities, however the same value has been transferred to Suspense in the Equity Account.
What am I doing wrong?