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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?
Solved! Go to Solution.
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.