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winthropdc
Cover User
6 months ago
Status:
New

Allow Input Taxed Tax Codes for negative amounts on Sales and GL (Sales) Transactions

Currently, if you try to use an Input Taxed Tax Code on a Sales transaction you will get the message "Import Duty and Input Taxed are invalid tax types for sales.".

 

However, it is very common to enter a single transaction when recording a Residential Property Rental Statement. This will have the Rental Income as a sale (Tax Free) but have the expenses as negative (or debit) values (Input Taxes). MYOB will not allow this to be entered as a single transaction.

 

The workaround is to enter the income as a sale and the expenses as a purchase, but this makes it very difficult to reconcile.

 

It would be much better to keep the warning for a positive (credit) amount on a sales transaction, but allow Input Taxed for negative (debit) amounts. This way a single easily reconciled MYOB transaction can be entered for the single statement from the managing agent.

 

For more info: This has been entered on the forums as https://community.myob.com/t5/AccountRight-Tax-and-Business/Unable-to-enter-Residential-Rental-Statements-as-a-single/td-p/850959

 

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