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Cloud_28's avatar
Cloud_28
Contributing User
9 months ago

Employee Loan for Overseas Employee

Hi All,

How do we record a loan given to an overseas employee?

This will be a non-reportable GST.

 

Normally, we would record the overseas wages via Spend Money Bi-Monthly under the overseas wages expense account.

 

But when it comes to giving an employee loan for overseas staff, do we record it via spend money as well? And what will be the account? 

Also, when repayments, how do we record it as well?

 

3 Replies

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    9 months ago

    Hi, Cloud_28 

     

    Thanks for your post. 

     

    When recording a loan from an overseas employee, we highly recommend speaking with your accountant or financial advisor, as we are not permitted to give any financial advice. This will include which account you need to select when recording the loan as well as the repayment.

     

    Please feel free to reach out if you require any further assistance. We are happy to assist.

     

    Best regards,

    Doreen

    • Doreen_P's avatar
      Doreen_P
      MYOB Moderator
      6 months ago

      Hi, Cloud_28

       

      We are closing this case, as we were not able to receive updates. Please feel free to start a new post in the future if you encounter any further issues.

       

      Best regards,

      Doreen