Is there a better way to link a purchase or payment of an external service to an invoice?
For example, I have had some t-shirts printed by a supplier, I’ve put a little on it to cover some setup and service costs but obviously I don’t want to pay tax on the full invoice amount.
Thanks, that's all good. I'm on the right track then. Appreciate the help.
Howdy Chumf
We're taking a small stab here, and think you're looking to split an expense in the Money Out tab of Solo. Here's a quick guide to doing that.
If you're looking to do something else, provide us more details and we can let you know what tools in Solo might work for you (for any tax implications though, you might want to speak to your accountant - we're definitely not qualified for that advice).
Hey Danielle.
I'm trying to make sure my outgoings are applied to the correct jobs. So if I get shirts and stickers printed and then I pay for those shirts and stickers then I want to make sure those payment's are linked to the invoice. So I suppose that the Taxman would look at, let's say a payment of $1000 come in, where I actually have paid $440.00 of that on shirts and $150.00 on stickers. So I've only taken in $410.00 so therefore only need to pay the tax on that amount. Does that make sense?
Hey Chumf can I ask you one more question before I can help you with how to pop all of this into Solo. Does the $1000 invoice you create for the client include a reimbursement for $440 for shirts and $150 for stickers OR are the stickers and shirts part of the inventory/supplies you need for your business?
Yeah, It's all part of the invoice but I've chucked a bit on there for my services.
Hey Chumf In this case, you’ll want to raise an invoice for $1000 in the Money In section, then record the stickers and shirts as expenses in Money Out. For the tax side of things, your accountant will be the best person to guide you through those details.
