Rental Income and Maintenance Spending

[stpaddy9001]

 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 

[Tracey_H · Accepted solution]

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.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.