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MaryHa's avatar
MaryHa
Experienced User
1 year ago

How to Record a Non-Deductible Payment made from Bank account?

Hi our company has paid a driving fine for one of our employees (as it was incurred during the time they were on the job). How do I record it to show that the money has been paid from the bank a...
TezzaB1's avatar
TezzaB1
Experienced User
1 year ago

MaryHa I suggest you create a separate P&L account for Fines & Penalties to capture it.  Use that account for other non-deductible fines & penalties also such as ASIC late fees, parking fines, ato late lodgement penalties etc.      Your accountant can then easily exclude everything in that account when preparing the tax return.   

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