Forum Discussion

SalBasky's avatar
SalBasky
Experienced Cover User
5 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
    5 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
5 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

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