When you complete entry of your BAS return, any refund due to you should be debited (via journal entry) to a receivable account (e.g. 1-1090 Tax Refund Due), clearly marked as a BAS Refund Due.
When you receive notification that the refund has been credited to your bank account, make a Journal Entry as shown to DEBIT the bank to which the refund was paid, and CREDIT the amount of refund to 1-1090 Tax Refund Due.
In the event that the amount received varies slightly from the amount originally claimed:
•Debit the actual amount received to the Bank Account
•Credit the actual amount due to 1-1090
•Credit or Debit the difference to 5-1190 Overs and Unders
When the Debits and Credits are equal and ”Out of Balance” shows 0.00, click aDD JOURNAL ENTRY to save.
If there is a substantial discrepancy between the amount claimed and the amount received, you will need to investigate the reason for the discrepancy and make adjusting journal entries accordingly.
