Forum Discussion

SalBasky's avatar
SalBasky
Experienced Cover User
6 months ago

How to treat rent payment in bank feed

Hi Guys, I have just added a bank account to my feeds in Business Pro.  This account will have rent payments come in through the bank feed.   Given the rent payments will be net, how should I corre...
  • KellyKellyProp's avatar
    KellyKellyProp
    6 months ago

    Hi SalBasky

     

    Personally, I record a 'Receive Money' transaction, but have line items for all the income and expenditure so you can allocate if there is GST on each transaction. 

    For example:  CR Rent: [income] - GST free

                          DR Management fees [expense] - GST

                          DR Council Rates [expense] - GST free

     

    Hope this helps!

Genreve_S's avatar
Genreve_S
MYOB Moderator
6 months ago

Hi SalBasky,

 

I get why it's important to ensure the rent transactions are spot-on. Providing specific financial advice isn't something we can do as moderators, but I'd recommend consulting a financial advisor or accountant to double-check everything.

 

Don't hesitate to start a new thread if you have any other questions.

 

Thanks,
Genreve

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.