Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
I would like some guidance regarding the following please. Our company participated in a fun run and included an excursion. The clients paid the money for their entry fees/excursion into the business bank account and the business paid the suppliers for the entry fees/excursion. The entry fees have no gst. The excursion invoices includes gst.
The income from this event was slightly higher than the cost.
I am wondering what to allocate to FRE and GST. Say I have gst fre expenses of $4000 (race entry fees) and expenses including gst of $5000 (excursion). I collected $10000. Do I allocate $4000 of the income FRE and $5000 GST. Then there is the extra $1000 income - does that get allocated to GST??
Thankyou for your help
Solved! Go to Solution.
If your business is registered for GST then I would allocate all the income to a income account with GST.
The costs would then be entered to Cost of Sales or Expenses accounts one for the Entry Fees GST FREE and one for the Excursion GST.
Thankyou for your help. It is greatly appreciated