I've just done our various BAS/IAS payments, but I have never done a manual entry transaction before (I only have allocated bank feed items). I am using MYOB Essentials.
In the Help section Recording ATO or IRD payments and credits
it says you have to do manual Spend Money transactions when you have paid for various items on your IAS/BAS and they show a table with the relevant Accounts to use. One of these is called 3-1980 PAYG Instalments (for prepayment of PAYG Income Tax in the IAS) .
Question 1:
Why is the account 3-1980 "PAYG Instalments" missing from my Accounts List? I can see the other three default accounts (GST paid, GST received, PAYG Witholding).
Question 2:
If you have the total instalment amount that you paid appearing in your bank feed, why can't you just dissect the different amounts and allocate each to the appropriate account (eg, GST paid, PAYG Withholding)?
Question 3:
If you are entitled to a tax refund how/when do you allocate this? Do you need to put in a manual Receive Money even though you haven't actually received that money yet? Or do you have to wait until you are paid the tax refund (ie, the refund amount actually appears in your bank feed) and then you either do a dissected allocation -- or maybe you have to do a manual Receive Money entry and then match it to the bank feed transaction?
Could someone please help clear up my confusion -- and if possible please use REALLY simple explanations so that a non-accountant like me can understand the steps to take. Thank you!