Re-Imbursing Business Account

Question

HiMy boss inadvertently used his business debit card to pay for a personal expense. It is a Company.&nbsp;This money needs to be paid back to the business.&nbsp;Firstly, how does the transaction get recorded (personal expense paid by business) and when the amount is paid back to the business how should that transaction be recorded?&nbsp;This transaction involves GST paid and because it is really a personal expense the GST doesn't need to be recorded so would I use N-T.&nbsp;Thanks for help in advance.&nbsp;

lornev · Accepted Answer

Thankyou so much!&nbsp;&nbsp;

lrbooks61 · Answer

Hi&nbsp;&nbsp;If your boss is the owner you could post both the transactions to drawings.&nbsp;Otherwise record both the transactions in exactly the same wayThat is the payment to an account (&nbsp;&nbsp;personal expense paid by business)&nbsp;with tax code N-Tand the repayment to the same account&nbsp;&nbsp;(personal expense paid by business)&nbsp; with tax code N-T&nbsp;This effectively cancels itself out&nbsp;Hope that is helpful&nbsp;Lisa

Forum Discussion

Re-Imbursing Business Account

2 Replies

Related content

Employee Re-imbursements

Bankwest Business Account Closure

How to allocate bank transaction from personal account to business account

Accounting V15 to Business Lite

sold my business - no longer have active accounts

Converting myob business pro to myob account right

MYOB Business Certification

MYOB BUSINESS