Forum Discussion

Aratula's avatar
Aratula
Experienced Cover User
2 years ago
Solved

Entering Rent Received with Expenses and how it is processed through to BAS

Hi Everyone I have rent received every month, and it does not go correctly through to MYOB's BASlink the way I have tried to enter it.   I have tried through Receive Money, and also as a General J...
  • LRBooks61's avatar
    LRBooks61
    2 years ago

    Hi Kerri

     

    The best thing to do would be

     

    Receive money and record the entire rent to undeposited funds then do a spend money for the expenses to undeposited funds and then do a [repare deposit.

     

    By using the N-T code you are not reporting the income through to ATO so that may also be the issue, I hope my suggestion gives you the solution you need 

     

    Lisa

     

     

LRBooks61's avatar
LRBooks61
Ultimate Cover User

Hi Kerri

 

The best thing to do would be

 

Receive money and record the entire rent to undeposited funds then do a spend money for the expenses to undeposited funds and then do a [repare deposit.

 

By using the N-T code you are not reporting the income through to ATO so that may also be the issue, I hope my suggestion gives you the solution you need 

 

Lisa

 

 

Aratula's avatar
Aratula
Experienced Cover User
2 years ago

Hi Lisa

 

Just wanted to say thank you again, I have followed your advice and this is the only way that works.  It's a roundabout way, and I think the software should be able to handle negatives in the receive money window better than it does, particularly with regards to gst, but your advice does work, and at this point after all the time I have spent on it, I am just glad to have come out with a win.

 

After deleting all my previous transactions and running the BAS again, the reports and figures now make sense. 

 

I am very grateful, thank you!

 

Kind regards

Kerri

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    2 years ago

    Aratula LRBooks61 

     

    As Residential Rent is Input Taxed, I understand that GST cannot be claimed on Expenses.

    Commercial Rent is GST and GST can be claimed on Expenses.

     

    Have a talk to the ATO and/or your Tax Accountant.

     

    Duncan