claim 35% of bill
for the life of me l can't work out how to claim only 35% of bills like rent, power, for my business? Thanks sam
Forum Discussion
Hi SamLyden70,
Thanks for your post, and welcome to the Community Forum! In this situation, we would recommend reaching out directly to your accountant for an accurate solution tailored to your specific circumstances. However, to provide a general idea, you can claim only 35% of bills like rent and power for your MYOB business by following these steps: Record the full bill amount in MYOB for complete expense tracking. Then, create a journal entry allocating 35% of the bill to business use, reducing the expense amount for tax purposes. For example, if your rent bill is $1000, allocate $350 (35%) to the business by debiting the relevant expense account (e.g., Rent Expense) with this amount and crediting the same account with the remaining 65% ($650). Enter this journal entry in the appropriate section of your MYOB Business, such as the journal entry or general ledger entry section, to accurately reflect the allocation.
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Regards,
Earl
Thanks for the details explantions I understand allocating the amount but l have no idea where to begin to do that on MYOB a screenshot would be so useful right now
If l open a journal then what do l pick (Purchase/Sale) l debit amount and then credit l get how much l should claim but then it says out of balance?
Is the Account Row should l be putting (Rent) then what do l put in (Description) as l run my clinic from home, do l need to create a (Job) arrr if l just saw one example l could get a feel how it should look and work
Hi SamLyden70
I would just allocate two lines in the bill, being one line for the 35% amount to the expense code and the balance to whatever account you use for drawings/owner contribition - whatever the appropriate account code is.
Cheers
Liz
Hi SamLyden70,
I agree with Liz_A's suggestion. Additionally, When you're entering a journal entry in MYOB and you encounter an "out of balance" error, it typically means that the debits and credits in your journal entry don't match. Each transaction in accounting should have equal debits and credits to maintain balance.
Regards,
Earl
