✅ Grab a copy of our FREE Xero Setup Guide right here: bit.ly/4d1yCLq 👉 Master Xero without getting stuck with The Ultimate Xero Course for Australia: bit.ly/4e4MghD ►► Do you wish you could get step-by-step instructions for setting up and using Xero quickly and easily? ►► Do you want clear explanations in plain English with all the information in one place? ►► Do you want to feel confident that you’re doing it right? 🚀 Then check out the step-by-step program for business owners to master Xero without getting stuck: bit.ly/4e4MghD
Hey Mark, I just want to ask whether these journal entries are correct using your example Claim submitted by employee and got approved Dr Insurance expense Cr Suspense liability Reimbursement made Dr Suspense liability Cr Bank I feel like there is a journal missing there. May i just ask whether the second journal above created when we post the payroll or when we mark the bill as paid from the suspense account? Can you please show the full journal entries for this exercise. And I'm wondering if this exercise was explained in reverse order given that the liability should incur first? Great lesson btw. Thanks Mark
Hi there your first JE is correct Second should be When we post Payroll below Journal will be created Dr Suspense Liability Cr Wages Payable When Making payment through Bank Dr Wages Payable Cr Bank
Hello maybe you can help me with my expense claims, it is always showing unknown system error preventive update so all my claims pile up and failed to approve. What to do with this kind of error? Thank you in advance.
✅ Grab a copy of our FREE Xero Setup Guide right here: bit.ly/4d1yCLq
👉 Master Xero without getting stuck with The Ultimate Xero Course for Australia: bit.ly/4e4MghD
►► Do you wish you could get step-by-step instructions for setting up and using Xero quickly and easily?
►► Do you want clear explanations in plain English with all the information in one place?
►► Do you want to feel confident that you’re doing it right?
🚀 Then check out the step-by-step program for business owners to master Xero without getting stuck: bit.ly/4e4MghD
Very well explained. Thanks Mark
Many thanks Mark 👍
No worries
Thanks
Welcome!
Hey Mark,
I just want to ask whether these journal entries are correct using your example
Claim submitted by employee and got approved
Dr Insurance expense
Cr Suspense liability
Reimbursement made
Dr Suspense liability
Cr Bank
I feel like there is a journal missing there. May i just ask whether the second journal above created when we post the payroll or when we mark the bill as paid from the suspense account? Can you please show the full journal entries for this exercise.
And I'm wondering if this exercise was explained in reverse order given that the liability should incur first?
Great lesson btw. Thanks Mark
This is exactly what I thought as well. Interested for Mark to clarify.
Hi there your first JE is correct Second should be
When we post Payroll below Journal will be created
Dr Suspense Liability
Cr Wages Payable
When Making payment through Bank
Dr Wages Payable
Cr Bank
If we are claiming GST in BAS statement supplier name won't appear
Hello maybe you can help me with my expense claims, it is always showing unknown system error preventive update so all my claims pile up and failed to approve. What to do with this kind of error? Thank you in advance.
No idea sorry. You may need to contact Xero if there is a system error.