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‘Widespread misunderstanding’: Accountants cautioned on journal entries

‘Widespread misunderstanding’: Accountants cautioned on journal entries

Accountants have been cautioned from using accounting entries as a substitute for a transaction actually occurring, with the issue an ongoing pain point for the tax office.

by Shared by Accountants Daily | Jul 9, 2019

Government needs to broaden the base and lift the rate of GST, says IPA CEO

Speaking to Accountants Daily, former ATO technical director Vincent Licciardi said he has seen a widespread misunderstanding among the accounting industry about what accounting entries actually are and how they are used.