Rental Income and Maintenance Spending
Our Church has a rental property and each month we get a statement from the Estate agent showing what rent has been paid and deductions for any repairs Prior to MYOB changing its format it was easy all I did was change the bank amount and if there were deductions which had been entered on the statement I put in the relevant code together with the amount and GST. The amounts balanced. Now that MYOB has changed its format I am cannot enter the Deductions together with GST. My question is how do I show what repairs have been done and claim the GST, when there is no entry from the Bank Feed
Hi stpaddy9001
Apologies for the delay in replying. From a software perspective you could record either a Receive Money or Sales invoice and invoice payment. Allocate the total rental income to the income account and allocate the deductions as a negative amount. You can then match the transaction in bank feeds.
I would recommend checking with your accountant to make sure this suits your needs.
Please let me know if you need further help.
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