Forum Discussion

MBG's avatar
MBG
Contributing Cover User
2 months ago

Employee loan with tools brought on bunnings accounts

We recently had an employee buy tools on our Bunnings account and he has requested that $150 be taken out of his wage every fortnigh to repay the loan.

 

Do I still use the wage advances process? (https://www.myob.com/au/support/myob-business/payroll/wages/wage-advances )

 

and if so how do I account for the bunnings receipt/invoice?

I have input the receipt/invoice category using the payroll advance wage account as stated in the above instructions (see below), if i continue to follow the instructions above I would have to do an unscheduled pay which would then have doubled the amount to the 13101 account.

 

Thanks in advance, i hope this makes sense.

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator

    Hi MBG,

     

    For specific advice on handling the Bunnings receipt/invoice and the wage advances process, it would be best to consult with your accountant. They can provide tailored guidance to ensure everything is accounted for correctly. You can also check this link regarding loans and repayments.

     

    Best regards,

    Doreen