Forum Discussion

Chrisg48's avatar
Chrisg48
Contributing User
10 months ago

Apportioning a work related purchase in Business

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

    • DuncanS's avatar
      DuncanS
      Ultimate Partner

      Chrisg48 Princess_R 

       

      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

      • Chrisg48's avatar
        Chrisg48
        Contributing User

        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