Claimable Ebay purchases

Experienced User powerette
18 Posts
Experienced User
Australia

Claimable Ebay purchases

We have made some Ebay purchases of which some are personal and some claimable (e.g. vehicle parts).

 

I was wondering how these are actioned in MYOB as they can be from different traders, not always in Australia and the details of the trader can be abbreviated or a code.  Also, which account do these go under?

 

Thank you.

5 REPLIES
Super Partner Murray_McKenzie
483 Posts
Super Partner
New Zealand

Re: Claimable Ebay purchases

Are you asking how to deal with the transactions as they come up in your bank feeds?

If this is your question, then the answer is that you would code each one individually and not use a rule for them.

 

If you don't know where you should be coding things, this is a conversation to have with your accountant or qualified bookkeeper.

 

 

Murray McKenzie
B.Com
IRD Registered Tax Agent
Boots 'n All Ltd
Experienced User powerette
18 Posts
Experienced User
Australia

Re: Claimable Ebay purchases

Thank you for your reply.

 

I was wondering if you could make Ebay as a supplier and then put the purchase details in the notes, or if you have to put details in individually, and where I get all those details from.  Also, what to do re tax code as some can be overseas and some not.

Super Partner Murray_McKenzie
483 Posts
Super Partner
New Zealand

Re: Claimable Ebay purchases

You could make EBay a supplier, but I probably wouldn't - unless you wanted to record different dates for the purchase and the payment.

I won't offer any tax answers as you're a different country!

 

I presume you would get the details from your EBay account. I would use a Spend Money transaction and record any necessary details in the Memo

 

 

Murray McKenzie
B.Com
IRD Registered Tax Agent
Boots 'n All Ltd
Experienced User powerette
18 Posts
Experienced User
Australia

Re: Claimable Ebay purchases

Thank you for getting back to me again.

 

Would anyone from Australia be able to help me out?

 

Thanks.

Ultimate Partner Seattle
1,337 Posts
Ultimate Partner
Australia

Re: Claimable Ebay purchases

@powerette

 

I would setup EBay GST as a supplier.

I would setup EBay no GST as a supplier.

 

To claim GST, a business owner must hold a Tax Invoice meeting the requirements of the ATO.

The Government has introduced legislation where overseas suppliers to Australian companies may be required to charge GST - Gerry Harvey was a strong supporter of this.

My annual Norton subscription now mentions that GST will be charged.

 

Hope this helps.

 

Duncan

Duncan Smith
Business Advice + Tax
www.businessadviceplustax.com.au
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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