Owner paid and reimbursed telephone bill in error through company bank account

KT100

How do i record the above payment and reimbursement?   

Do I record spend money (telephone expense acct), receive money transaction (shop sales or something) given I have no bill ? 

Do I include GST ?

 

Thank you

Karen

 

Tracey_H

Hi @KT100 

 

In the situation where you've got a payment and reimbursement/refund that are not related to the company expenses you would allocate both the Spend money and Receive money transactions to a suspense account.

 

This will allow you to reconcile the bank account, the suspense account is cleared back to zero and the company accounts are not affected.

 

Please let me know if you need further help.

 

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