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
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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