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Status New idea
Workspace Reckon One
Categories Accounting
Created by Guest
Created on Jul 16, 2019

Transfer Collected GST to a specific bank account for storage

There is a very nice feature in Reckon One which allows PAYG withholding to be sent to a particular contact's bank account for storage until it is required to be paid. It would be great to be able to do the same with GST collected on invoices. This is particularly useful for small Professional Services Income businesses which store BAS in their mortgage offsets as a loan and the like until the end of the quarter when they pay it back to the business for sending on to the ATO.

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    Jason Hollis
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    Jul 17, 2019

    Hi Alex and thanks for the suggestion. We are looking at an overhaul of the integrated client account (in AU) and part of that will include a view into your GST liability as an 'account' - much like accounts payable. It's a 2020 project however we are doing the initial planning later this quarter.