Creating an income account
Our landlord has reimbused some expenses by Dirct Payment into my bank account.
This is less the GST I PAID ON THE ORIGINAL BILL.
So would you class this as Income and what account would it logically fall under.
Its not a rent reduction as such but refund for expenses incurred to repair building fixtures.
Hi FOODY,
Thanks for posting your concern in the forum.I understand how important it is that this transaction gets recorded correctly in your ledger. There are three ways to record this transaction. We could create a negative bill with the amount of the reimbursement. This will create a negative amount for your trade creditors. We could also create a receive money transaction to the right account or create a journal entry.
Regardless, I suggest asking for help from an accountant on how to record this best. As this is considered financial advice.
Feel free to post again if you require any other assistance.
Thanks,
Gnereve
