MishPony
9 months agoContributing User
Receiving reimbursements / repayments
Hi,
At times our staff may accidentally use their work card for personal expenses, and they pack back the money. Other times we may pay for more expensive travel and the traveller will pay us the difference. Currently we've been recording the amount to be repaid in a dedicated job as an exepense, and then recording the repayment as income.
I spoke to our accountant who recommended that instead we use a clearing account; so that repayments are not recorded as income, and to record them as NT. Can I get clarification on how to do this? And if it is a partial reimbursement, do we only record the GST of the amount we are covering?
Thanks.