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Entering Rent Received with Expenses and how it is processed through to BAS

Aratula

Hi Everyone

I have rent received every month, and it does not go correctly through to MYOB's BASlink the way I have tried to enter it.

I have tried through Receive Money, and also as a General Journal. The transaction is for rent deposited to our account, some is rent with no gst, the rest is real estate fees and repairs and maintenance to the property that is all deducted, with gst.

I keep getting negatives in the BAS for GST Purchases or the GST free sales comes out completely wrong.

I don't know what I'm doing wrong. I have been using MYOB for 20 years and never had this issue.

Thank you if there is anyone who can help me!

Kerri

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LRBooks61

Hi Kerri

The best thing to do would be

Receive money and record the entire rent to undeposited funds then do a spend money for the expenses to undeposited funds and then do a [repare deposit.

By using the N-T code you are not reporting the income through to ATO so that may also be the issue, I hope my suggestion gives you the solution you need

Lisa

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Aratula

Hi Lisa

Thank you for your response to my problem.

This is basically what I am doing, with the exception that I use N-T for the rent as the code rather than FRE.

What is happening in the GST reporting is that the negative portions of the receive money transaction which are the expenses with GST go into the sale value column in negative, with tax collected also as a negative. This is not necessarily incorrect as these are expenses so they are just being reported as a negative sale with negative gst, and at the end it should work. However in the BASlink, these go across as negative figures into the sales, and into gst collected. And the ATO do not accept negatives in the BAS.

We have no sales in this entity that are recorded with gst to offset the above.

I have tried entering the transactions as a GJ instead, hoping that the affect on the GST reporting and therefore BASlink are not the same, but have found this also does not work. There are negatives in the N-T values which again just throw the BASlink out completely.

I guess I have always had other sales in the same company with gst as well as income of rent without gst minus expenses with gst and this has offset these negatives.

Im not sure if there is anything I can set up in BASlink differently?

Thank you so much for your advice, it is greatly appreciated, I am so frustrated by this.

Thank you

Kerri

LRBooks61

Also make sure your baslink is set up to capture the tax codes correctly

Lisa

LRBooks61

Hi
the received money should be

4-xxxx income account tax code - gross rent

6-xxxx expense account neg tax code

eg rent payment received $650

4-xxxx 700.00 (tax code ITR? FRE)

6-xxxx -50.00 (GST)

that should put the correct amounts in the correct BAS categories

hope that helps

Lisa