Once you have completed your end of period reporting requirements, you need to record the payment owing to the Inland Revenue (IRD) or the credit you will receive from them. This topic provides guidelines on recording this transaction, and if you need clarification it's best to speak to your accounting advisor or the IRD.
Using bank feeds? When your IRD payment or credit transaction comes through in the bank feed, match it to the applicable transaction (if you've already recorded the transaction). Otherwise you can allocate it to the applicable accounts.
How do I enter a payment to the IRD?
If you owe a payment to the IRD you can record it through a Spend money transaction.
On the Banking menu, click Record expense.
In the Bank account field, choose the account the IRD payment is coming from.
If you have set up the IRD as a contact, select this contact in the Contact field.
Enter a Description of transaction.
In the Amounts are field, select GST exclusive.
Enter the categories and amounts for the transaction. If unsure, check with your accounting advisor.
When all lines have been entered, click Record.
Need to create a category? See Adding, editing and deleting categories.
How do I enter a refund (credit) from the IRD?
If you are to receive a refund from the IRD you can record it through a Receive money transaction. The allocation accounts will be the same as those for an IRD payment.
On the Banking menu, click Receive money. The Create receive money transaction page appears.
In the Bank account field, choose the account the IRD payment is going into.
If you have set up the IRD as a contact, select this contact in the Contact field.
Enter a Description of transaction.
In the Amounts are field, select GST exclusive.
Enter the accounts and amounts for the transaction. If unsure, check with your accounting advisor.
When all lines have been entered, click Record.
Need to create an account? See Adding, editing and deleting accounts.