Unable to enter Residential Rental Statements as a single transactions

Question

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).&nbsp;We have tried entering the statement as a single Sale Transaction, but find it easier to enter a general journal.&nbsp;Account&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXRental Income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREManagement Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INPBank Account&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-T&nbsp;This is the transaction. Basically Rental Income less Fees goes to Bank.&nbsp;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.&nbsp;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.”&nbsp;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.&nbsp;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.&nbsp;I know that I could enter this as two transactions but that is difficult to reconcile with the rental statements.&nbsp;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.&nbsp;

genreve_s · Answer

Hi winthropdc,&nbsp;
&nbsp;
Thanks for posting your concern in the forum.&nbsp;
&nbsp;
I'm sorry to hear about the error message popping up. Generally, that error message only comes up if you are using the GNR tax code in a sales journal. In this case, this is INP. I will send you a private message to collect more information regarding this post.&nbsp;
&nbsp;
In the meantime, feel free to create a new thread if you require any other assistance.&nbsp;
&nbsp;
Thanks,
Genreve

duncans · Answer

winthropdc&nbsp;Genreve_S&nbsp;&nbsp;One of the reasons for Simpler BAS is to reduce the GST Codes to 2 ie GST and N-T.&nbsp;Totally agree with your logic, but the need to report a $10 Bank Fee on a BAS was unnecessary.&nbsp;Let me know.&nbsp;Duncan

celia_b · Answer

Hi winthropdc,
&nbsp;
May we know how you go on with this issue? Do you still need further assistance? Please feel free to contact us again or create a new post if you still have questions or concerns. Rest assured that one of the Community Forum will be happy to help you.&nbsp;
&nbsp;
Kind Regards,&nbsp;
Cel
&nbsp;

winthropdc · Answer

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

celia_b · Answer

Hi DuncanS,
&nbsp;
Thank you for the update.&nbsp;
&nbsp;
We appreciate you using our Product Idea board to suggest improvements/enhancements to our software. Rest assured that our development teams will investigate this issue and once we have an update, we will post it on to this &nbsp;link.&nbsp;
&nbsp;
You can contact us again if you have other questions or concerns in the future or you can create a new post. We are happy to help.&nbsp;
&nbsp;
Kind Regards,&nbsp;
Cel
&nbsp;

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Unable to enter Residential Rental Statements as a single transactions

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