Recording Expenses made by Owners/Partners

Question

Hi,This is the process we follow to raise bills in MYOB that have been purchased by the partners using their own money and bank account.&nbsp;Go to purchases create a new bill --&gt; Insert all information and attached receipt --&gt; Pay the bill --&gt; Record as an electronic payment --&gt; Once it has been marked as paid --&gt; We then record a journal entry like below.My question is by following this procedure, can this ensure that theses purchases are claimed on at TAX time as all purchases are related to the business but paid by us partners?

genreve_s · Answer

Hi rprimrose,&nbsp;
&nbsp;
To ensure those transactions are accounted for at tax time, you need to check that your GST reports are showing the correct values. You can read through this link for more information and tips to make sure your books are in order.
&nbsp;
Regards,Genreve

duncans · Answer

rprimroseGenreve_S&nbsp;&nbsp;Further to Genreve's comment, you would check the relevant Expense Account to ensure the expenses paid by the Partners are recorded.&nbsp;The Session Report was useful but no longer exists.&nbsp;You can drill into an Expense Account from the P&amp;L.&nbsp;Duncan&nbsp;&nbsp;&nbsp;

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Recording Expenses made by Owners/Partners

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