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LukeBrown
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TehCamel, post: 199949 wrote:
I’m starting to wonder if I’m doing this correctly.

currently, when we receive interest on our held bank balance,I’ve just been doing a journal transaction into the “other income: Interest income” account, with no GST code. Should it actually be G1/G3 or G1/G4?

For the monthly account keeping fee, same thing – Journal transaction into “Expense: Bank Fees” with G11/G14(GST Free)

Am I doing these correctly, or is there another/better way I should be doing it?

Any bank interest received by you is reported both at G1 Total Sales and G4 Input taxed sales.

Bank fees charged to you are reported both at G11 Non-capital purchases and G14 Purchases without GST in the price.

Before I can advise if you’re doing it the best way, can you let me know what accounting system you are using? There should be an easier way than doing a journal.

Feel free to drop me a PM if you need any further assistance with your BAS returns or general accounting :-)

Cheers, Luke (Busy Beans Accounting)