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We get paid as a sub contractor. From our overall pay they subtract fuel and pay balance. It's just dawned on me that we've paid for the fuel so must record it as an expense. We just receive an amount each week which is income. Questions....
1) How do I reverse the payments I've already cleared as income so as to record fuel?
2) How would I record the fuel amount from the income transaction?
September - last edited September
If you receive say $800 into your bank and the invoice says $1000 paid less $200 fuel it seems that you are entering only the $800 as income. If this is the case you are also understating your income which is a big no-no.
My fix would be to gather up all of your invoices for this financial year and do a receive money into your Petty Cash account for the amount of the fuel expense, allocation account would be income, GST. Periodically and definitely before each BAS do a Spend Money from Petty Cash to fuel. If you have invoices going back to the previous year you will need to speak to your accountant as he may need to revise BAS and EOY.