EFT Refund Entry

Simple Fund 360
#1

Hi Everyone,

I am a graduate accountant and I am learning SF360.

I have a simple question about EFT Refund.
For example, if the refund is $10, how should I enter the transaction?
Is there any levy amount that needs to be recognized?

Thank you,

#2

The entry for recording tax refunds would be:

DR 60400 Bank Account
CR 85000 Income Tax Payable/Refundable

You will see the option to choose which ATO levy to apply when you enter the transaction.