Amex gr deposit

Partner JacobG
4 Posts
Partner
Australia
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Amex gr deposit

Amex gr deposit seen in bank statement. How the transaction can entered in MYOB

 

5 REPLIES
Ultimate Partner ronatbas
3,620 Posts
Ultimate Partner
Australia

Re: Amex gr deposit

@JacobG

 

So that you pick up both the income and the expense in an Amex transaction you need to receive payment or receive money for the total amount that is given in the text line of the bank statement to Undeposited Funds.

You then do a spend money for total amount from Undeposited funds with two lines.

Line1 to Bank for the amount that went to bank N-T

Line 2 to Merchant Fees GST

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Partner JacobG
4 Posts
Partner
Australia

Re: Amex gr deposit

Thank you

that means the total Amex amout recevied will be included in the G1 of the BAS statment.  And Amex Expenses will be included in the G11 of the Bas Statement

Partner JacobG
4 Posts
Partner
Australia

Re: Amex gr deposit

Do these Amex amount recevid has GST

Ultimate Partner ronatbas
3,620 Posts
Ultimate Partner
Australia
Accepted Solution Solved Solution

Re: Amex gr deposit

I should have explained. if you are receving payment the for an invoice the GST will be picked up by the closure of the invoice. If this a receive money for say a retail payment then you need to allocate it to sales in the Undeposited funds. So total amount hits Sales with GST (Collected) and the expense then goes to Merchant fees with GST (Paid).

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Partner JacobG
4 Posts
Partner
Australia

Re: Amex gr deposit

Thank You. its clear now

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