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Accounting for end of fin yr PAYG instalment refund from ATO

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Hello,

For the first time after having the company tax return finalised by the ATO, I have received a refund for excess PAYG instalments made in the 17/18 fin yr and am wondering how to account for them.

I have entered it as 'receive money' against the PAYG instalment asset account, which is fine, but I'm wondering what happens to it now as I don't have a PAYG instalment amount to pay quarterly with my BAS which would offset it. Does it just sit there?

Many thanks

MichelleJi


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