How to change entertainment claim to 50% on MYOB essentials?

hoddy
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hoddy
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How to change entertainment claim to 50% on MYOB essentials?

How to change entertainment claim to 50% on MYOB essentials? It's not a full claim as its a potential client. When I go to allocate tab it just allows 100% for entertainment? Thanks.

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Ultimate Partner Seattle
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Re: How to change entertainment claim to 50% on MYOB essentials?

@hoddy

 

Have a talk to your Tax Accountant.

 

My view is that Entertainment is not a Tax Deduction.

Light Meals at your place of business may well be.

I use a ledger called Office Supplies - Meetings.

 

Any private component of a transaction is posted to Directors Loan if a Company or Drawings if a Sole Trader.

 

Duncan

 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
MYOB Moderator Steven_M
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Re: How to change entertainment claim to 50% on MYOB essentials?

Hi @hoddy

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


When you get a bank transaction into MYOB Essentials you would need to fully allocate that transaction, you would not be able to only allocate a certain amount i.e. 50% for that transaction and not allocate the rest. In your case, if you wish to allocate 50% of a bank transaction to entertainment expenses you would then need to allocate the rest of the transaction to another account. I would recommend speaking to an accountant in regards to the best account for that.

 

You can allocate a bank transaction by going to Banking>>Bank transaction>>Selecting the required transaction>>Allocate. You would then be able to select the desired account(s) and tax code(s) before select Save -once it has all been allocated.


Kind Regards,
Steven
MYOB Client Support
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