Hello
i can see if I want to record a purchase I use the spend money button.
what if I want to record an expense that is part personal and part business and need to ensure the BAS is adjusted accordingly.
how do I do this easily?
Hi Chrisg48,
Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a great source of information.
Whenever you have expenses that aren't linked to a supplier bill you've set up in the Purchases section, you can easily record these outgoings using the "Spend Money" option.
Regarding how to record expenses for personal and business, while we're not qualified to provide financial advice as we're not accountants, I can certainly provide a Help article, General Journal, which may offer insights into apportioning work-related purchases in a business context.
However, it's recommended to consult with your accountant about this.
If there's anything else I can assist you with, please don't hesitate to reach out.
Cheers,
Princess
Chris,
By example, lets say a Telephone Bill is $220 and Business Component is $165
GST is claimed on $165 and $55 is posted to Personal.
The Personal Account depends on the Business Structure.
A Sole Trader uses Owners Drawings (an equity account).
A Company uses Loan from Director (a Current Liability).
Duncan
Thanks Duncan
how do I that? I'm not sure how to do achieve in MyOb business
I get what you are trying to say
Depending on whether you use Bank Feeds or Spend Money.
Either way, the Transaction will have 2 lines.
1 line for the Business Component and 1 line for the Personal Component.
Personal Component has GST code of N-T.
Duncan
Hi Duncan
so in spend money I need to break every transaction down.
for example petrol use I would manually calculate the percentage of it and then do 2 lines
Thanks for your help
Accounting for Petrol is more complex.
The ATO allows an annual personal apportionment of Car Expenses.
Work with your Tax Accountant on this.
Your Business Structure determines how this may occur.
A Company can claim 100% then make a Directors Contribution to a Income Account.
Once again, work with your Tax Accountant on this.
Duncan
I have been running the business for many years and it's simply the change in accounting software and GST registration.
most items entered in spend money sre 100% business
for petrol its a lower percentage. Usually I'd record this on a speadaheet however I know it's going to impact my BAS
for the purposes of this I assume I use the motor vehicle expenses and personal contributions wtih no tax code for the moment
Chris,
I gather you are a Sole Trader who has recently registered for GST.
The private % of a car is based on the Log Book.
A Tradesperson will normally have a lower private % than a Business Owner who works in an office.
The Motor Vehicle Expenses have a GST Code and Personal Drawings have a N-T code.
Note Registration does not have GST and MV Insurance may be part no GST (as per Tax Invoice).
Duncan
I understand the premise and it was more on how to record it
seems like I have to manually work out the work value enter it as the right code then the personal value as the N-T
