Invoicing reimbursable expenses

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K_Poulten
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Invoicing reimbursable expenses

Hi All

I am new here and to GST

How do I go about entering this situation into MYOB Essentials.

I have just attended a Curriculum Review Forum, with the supplier for most of my income. They have agreed to reimburse my Airport/Forum Taxi Fares, (they have paid all other costs as payment for attending) as long as I provide receipt, expense claim and Invoice them.

 

So I have paid the amount of $66-57 (GST inc) to the Taxi company and have Invoiced the Supplier for $66-57 GST inc what is the best way to enter this into MYOB Essentials so that the BAS GST all works out correctly? I only use MYOB invoices within MYOB for this supplier because they have a set invoice I am required to use.

Thank you in advance for any insights

Cheers

Karen Poulten

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Partner AlanT
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AlanT
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Re: Invoicing reimbursable expenses

@K_Poulten

 

Hi Karen,

 

From your post, I'm assuming that you are registered for GST and that you have already paid the expenses through your business account.

 

That being said, I would post the expenses to the appropriate PnL account, such as Travel Expenses with the normal GST code.  You will receive the credit for the GST component of these payments.

 

When you invoice your customer, invoice them for the full amount you spent with the normal GST code.  This will create a GST liability in your business and will offset the credit when you made the payment.  Your customer will receive a Tax Invoice from you, showing the amount of GST that they can claim as a credit, so everything will work out even in the end.

 

If your customer requires copies of the original receipts, just make sure you keep a copy for your records.

 

Hope that helps,

 

Alan

K_Poulten
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K_Poulten
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Re: Invoicing reimbursable expenses

Thanks Alan, that was what I thought but wanted some level of confirmation that my thoughts were correct

Cheers

Karen

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