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My sole trader business is below the GST threshhold and not registered for GST.
I recently donated a finished item to a charity auction run by a registered charity. The donated item consisted of approximately$800 worth of stock (retail value), and $200 worth of assembly which I would normally charge as a service. As such I have created an invoice which correctly reflects all the stock and service line items, totalling $1000.
I essentailly envisage paying the invoice from the "Donations made" account but I'm not sure how to do this or if its even the right way to go about it?
I have previously donated vouchers and am familiar with the process for that. I was tempted to record the sale as being paid using a donated $1000 voucher but wasn't sure if that was cheating?
Appreciative of any advice!
I don't see any difference between a voucher and a specific donation and I would agree with your methodology. In the event of an audit it would show that you have claimed the retail price and the standard assembly charge.