Hi community, need some assistance regarding recording expenses based on percentages.
for example when recording a fuel expense I am only able to claim 80% of the gst since i use my vehicle for 80% business. Is there a way to add a percentage column on the expense form?
If you are using Bank Feeds with MYOB Business, setup a bank rule splitting the value by percentage. See below bank rule setup for any bank feed for BP station will split the value 80% business and 20% personal
Hey dandiesel84,
There's no option to add a percentage column on the expense form. For the correct percentage calculation, we recommend speaking with your accountant or bookkeeper. You can also share your suggestion about adding a percentage column on the MYOB Business Ideas Exchange board so it can be considered for future updates.
Cheers,
Doreen
Dan,
Accounting for MV Expenses can be/is complex.
Do you have a Log Book? Using a figure of 20% indicates that a Log Book is not held.
I use 2 decimal places eg 80.14% 19.86%
Furthermore, the type of Entity determines how MV Expenses are entered.
By example, a Company claims 100% then the Director makes a Contribution by way of an Income Account. Speak to your Tax Accountant if you have a Company.
I like Chris's use of a Bank Rule to split the expense.
If you are a Sole Trader, you may like to have a Drawings Account called Drawings - MV Personal.
Duncan
