How to record a debit card transaction which the bank may take up to 2 weeks to reclaim.

Hi all,

I have had a debit card transaction for a purchase not made by me. The simple way I see it is to record the transaction as a cheque to an 'Other name', and then use Make deposits to record the credit, when it eventually appears. Presumably I need to not use tax codes to keep it out of the GST calculations.

Is there a more accountant friendly way to record this?

Jon

Comments

John Graetz

Hi Jon. To me that is the best option. I would be allocating the "expense" to an Asset Suspense account so that you can clearly see that it is something that needs to come back to you. As this would be regarded as a "third-party" transaction, you would not use any GST codes, as you have suggested.

John L G

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