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I’m using QuickBooks and am wondering how to account for:
1. the $10K Cash Boost credit I received after sumitting my March BAS
2. the occasional General Interest Charge raised by the ATO against my company.
At present, when I submit my GST QB creates a journal entry that:
DR PAYG Withholdings Payable $X
DR GST Liabilities Payable $Y
CR ATO Clearing (BAS Suspense) $X + $Y
When I make the combined payment to the ATO, I debit the ATO Clearing Account.
I’m wondering what account the Cash Boost credit should be entered into? Do I debit ATO Clearing and maybe credit a Liability account?
Also, should GIC charged by the ATO be treated as interest expense?