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Split between Personal and Business expense

Newbie88
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Newbie88

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Split between Personal and Business expense

Hi there, 

 

Could you please help on how to split a portion of an expense into personal. For example, Maintanence charge on a company car that is used 70% for the Business. 

 

I have my bank feed linked to MYOB and it comes in as one transaction. I would like to know how to split this into two so that appropriate GST claims can be made.

 

Currently, I can see we can split a transaction as a % or flat $, but not sure how to mark a portion as a personal expense.

 

Thanks

3 REPLIES 3
MYOB Moderator Neil_M
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Neil_M
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Re: Split between Personal and Business expense

Hi @Newbie88 

 

Within MYOB Essentials you can create a rule to split based on a percentage. Under Banking >> Manage Rules you can create a rule for these types of transactions. Under the Allocate to section you have the option to Allocate By either percentage or dollar amounts.

 

When you split a transaction using a rule you can nominate both different accounts and different tax codes for those transactions. If you were unsure as to which accounts or tax codes to use I recommend speaking with your accountant

Regards,
Neil

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Newbie88
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Newbie88

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Re: Split between Personal and Business expense

 Hi Neil, 

 

Thanks for you reply. But, I will not be able to set an automatic rule for the nature of my expenses. Is there any way to manage manually on an individual basis?

 

Thanks

 

MYOB Moderator Neil_M
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Neil_M
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Re: Split between Personal and Business expense

Hi @Newbie88 

 

If setting a rule was not a viable option, or you wanted to do it manually then this would involve recording an entry inside the company file and then matching that to the bank feeds transaction. As the bank feeds match would need to be for the entire amount, this would mean you would have to record a transaction for the entire amount. If you were unsure as to how this entry should look I recommend speaking with your accountant

Regards,
Neil

MYOB Community Support

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