End of Year Journal Entry / Bank Transfer

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  • Updated 1 year ago
Hi everyone, I'm a newbie to accounting and hoping to get some advice. I’m processing a journal entry that needs to be put through as at 30 June 2016 for an employee reimbursement, but the actual bank transfer was made today the employee’s account, so there’ll be a discrepancy between the end of financial year bank balance in the books and actual bank balance. Is this an issue for reporting purposes?
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Rachel Hardy

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Posted 1 year ago

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Kevin Russell, Accredited Partner

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Yes. Why dont you put it in as a bill and the payment through on the bank date?
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Rachel Hardy

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Hi Kevin, (sorry if this sounds silly) but I thought if I put it through as a bill I'd need an ABN to claim GST? If I put it through as a reimbursement in a journal entry I wouldn't and could rely on employee receipts to claim GST?
(Edited)
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Kevin Russell, Accredited Partner

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You need a tax invoice for ANY gst you are claiming. So whats the abn on the receipt?
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Rachel Hardy

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It isn't one receipt, the reimbursement is for multiple expenses (vehicle use) across the financial year - so numerous receipts / tax invoices from different suppliers.