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
