Journal Entry for PTEC FY 2023-2024

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This discussion addresses how to create a journal entry for a PTEC payment made for the 2023-2024 financial year. The user paid £2500 on 11/7/2023 and sought clarification on whether to classify it as an expense or a liability. The consensus is to treat it as an expense, with guidance provided on the accounting entry required.

Vidit Sharma

Vidit Sharma (Querist)
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28 July 2023 I have recently registered and paid 2500 PTEC on 11/7/2023 for FY 2023-2024.
How can I make journal entry for this transaction?
Can consider it as an expense or liability?
For expense I know to just make entry from bank account to PTEC expense account.

If it is a liability, how to make the entry?