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Bank reconciliation help

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Experienced Cover User TashP
15 Posts
Experienced Cover User
Australia
TashP
Experienced Cover User

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Bank reconciliation help

Hello 

 

I',m a sole trade and have a separate bank account purely for saving for my GST Liability.

 

I am out by $1 on my bank reconciliation.  The recorded amount is $729 in the company file, but the amount paid to ATO and on the bank statement was $730.

 

I'm wondering if I would need to do a journal entry to correct this? Does anyone know the correct procedure to fix this and help me to balance?

 

Many thanks

 

2 REPLIES
Ultimate Partner David_Cree
968 Posts
Ultimate Partner
Australia
David_Cree
Ultimate Partner

968Posts

310Kudos

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Re: Bank reconciliation help

Hello @TashP

Are you able to edit the transaction so that it shows the actual amount paid to the ATO? That is probably the easiest / best way, especially id you are using Bank Feeds and the $730 show there.

Otherwise do a $1 Spend Money from the GST Account, and allocate this to the same asset / expense account that you used for the ATO Payment.

Cheers

David

 

DAVID CREE
MY Business Locum MBA, LCGI, MICB
MYOB Certified Consultant
Ph: 0418 622 163 Fax: 08 8362 2163
mybl@senet.com.au
St Peters South Australia
Experienced Cover User TashP
15 Posts
Experienced Cover User
Australia
TashP
Experienced Cover User

15Posts

7Kudos

0Solutions

Re: Bank reconciliation help

Appreciate your recommendation and help David.

Many thanks

Tash

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