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Recording GST Returns into MYOB after Submitting GST F5 to IRAS

Once you have successfully submitted your GST F5 to IRAS, you can then proceed to record that transaction into MYOB.


Assume the following is your returns for the 1st quarter of 2016.

GST Return 1GST Return 2

Therefore, GST Collected (Output Tax) for the quarter is $32,837.40, GST Paid (Input Tax) is $11,134.14 and net amount payable to IRAS is $21,703.26.


To record this into MYOB, go to Accounts -> Record Journal Entry and your entry will be as such:


GST Return 3

After recording the journal, your GST Collected and GST Paid accounts will be zeroised.


When IRAS deducts your bank (via GIRO) on the payment due date,  you will then go to Banking -> Spend Money and record the following entry:

GST Return 4

Su-hui Heng
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