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!

KellyKellyProp's avatar
KellyKellyProp
Experienced Cover User
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!

  • SalBasky's avatar
    SalBasky
    Experienced Cover User
    6 months ago

    Thanks Kelly :)

    Would you allocate this 'Receive Money' transaction to Undeposited Funds, so that you can match the bank feed entry to it?

     

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.