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  • #988038
    nickjonnes
    Member
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    Hey guys,

    I am new here and i am just trying to get some more information on bookkeeping. I am just starting up a marketing agency and i am a little in the dark with the book keeping side of things. I have done some accounting studies but it is all very theoretical and not very practical work.
    Anyway.

    My question is if i have a business expense and my employee has lost the receipt how do i record it? I understand that if you don’t have evidence for an expense it cannot be claimed as an expense but how should i record the loss?

    Thank you for all of you help in advance.

    Kind regards,
    Nick Jones

    #1165356
    al.giffard
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    Hi Nick,

    Not having the receipt wouldn’t necessarily mean you can’t claim the expense. Getting a replacement receipt is obviously the best approach, but assuming that’s not possible, the ATO’s guidance is that they can still allow the deduction where you took reasonable precautions to prevent the loss (see: https://www.ato.gov.au/Individuals/Lodging-your-tax-return/In-detail/Record-keeping/Keeping-your-tax-records/?page=5#Lost_or_destroyed_records). Of course, in many cases it won’t be worth the time in asking them to consider it.

    For expenses that you’re still not claiming as a deduction, allocating it to a “Non-Deductible Expenses” account (which might need to be created) would be the easiest approach. That still records it as an expense of the business, but ensures it can be easily taken out in preparing the tax return.

    Cheers,

    Al.

    #1165357
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi Nick,

    Welcome to Flying Solo! We’re glad to have you aboard and hope to see you around the place. :)

    Dave

    #1165358
    Luth6322
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    Hi Nick

    Also don’t forget if you can claim the GST if your registered. You don’t need a tax invoice if the amount is less then $82.50 (including GST).

    https://www.ato.gov.au/Business/GST/Issuing-tax-invoices/

    Cheers

    Carrie

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