How to record GST refund in MYOB?
Click on Banking -> Receive Money (or something like that). On the date that the refund was deposited into your bank account, you record: (these figures are provided as an example of receiving a $150 GST refund) GST Collected $50 (as a debit to reverse the liability) GST Paid $200 (as a credit to reverse the contra-liability) That will clear out the GST Collected and Paid accounts under Liabilities and change your bank balance under Assets accordingly.
