General Journals related to FBT

michellecome

1. When the business payed the FBT instalment to ATO
     Dr   FBT Clearing
        Cr    Bank
2. When allocating the expenses in the year end
     Dr   FBT Expense
        Cr    FBT Clearing
3. When ATO refunded the FBT to the business
        Dr   Bank
            Cr   FBT Clearing
4. When doing the month end adjustment
        Dr   FBT Expense
            Cr    FBT Accruals
5. Reversing the accounts in the start of the following month
        Dr   FBT Accruals
            Cr   FBT Expense