ContributionsMost RecentMost LikesSolutionsRe: Unable to enter Residential Rental Statements as a single transactions This will be solved when development fix the warning to allow negative amounts (rental fees) to be Input Taxed on a sales transaction. Please confirm once this change has been made and published. Thanks 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 ashttps://community.myob.com/t5/AccountRight-Tax-and-Business/Unable-to-enter-Residential-Rental-Statements-as-a-single/td-p/850959 Unable to enter Residential Rental Statements as a single transaction Please see the thread below which discusses MYOBs inability to enter a Residential Rental Statement as a single transaction due to the error: "Import Duty and Input Taxed are invalid tax types for sales". https://community.myob.com/t5/AccountRight-Tax-and-Business/Unable-to-enter-Residential-Rental-Statements-as-a-single/td-p/850959 Unable to enter Residential Rental Statements as a single transactions The transaction we are trying to enter is a monthly residential property rental statement, this is usually a net sale (more funds coming in than out). We have tried entering the statement as a single Sale Transaction, but find it easier to enter a general journal. Account DB CR TAX Rental Income Income Amount FRE Management Fees Fees INP Bank Account Balance N-T This is the transaction. Basically Rental Income less Fees goes to Bank. Rent is GST Free, Expenses related to rent are Input Taxed and the balance going to the bank is hidden from the BAS as Non Taxable. The problem is if you enter the transaction as a Sale Transaction or a General Journal of Sale type, MYOB complains that the INP code for Management Fees is not allowed. Exact wording “Import Duty and Input Taxed are invalid tax types for sales.” If you change to use General Journal of Purchase type, you can enter the code INP, but then the Rental Income (type FRE) shows on the wrong side of the BAS. If you change INP to ITS (Input Taxed Sales), the Fees will appear in the wrong location on the BAS. Please can you change the check of the Tax Type to look at the net Credit and Debit amount. If the amount is a Debit or a negative Credit, please allow INP to be used for a Sales transaction. I know that I could enter this as two transactions but that is difficult to reconcile with the rental statements. We should not have to create additional transactions to work around limitations in the software. The software should be fixed so it can handle this legitimate use case. Re: Multi-Currency: Make period end revaluation easier Anything that will help automate the process of reconciling international transactions for AR, AP and Bank accounts would help simplify the work needed.