How do I Allocate Tax Code for Personal Purchases

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upstreamdesign
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How do I Allocate Tax Code for Personal Purchases

Hi Everyone!

 

I am new to MYOB and trying to finish a G.S.T return.

I am a limited Liability Company but I am the sole employee.

There are times where I have used my Business Card for personal expenses ie Mc Donalds etc.

How to I allocate a personal purchase and what Tax code does it come under ?

 

Thanks!

James

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MYOB Moderator Maxine_BC
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Re: How do I Allocate Tax Code for Personal Purchases

Hey @upstreamdesign,

 

Thanks for posting on the forum.

 

I am not able to advise you on this unfortunately as it constitutes financial advice so I would recommend speaking with your accountant. There are accountants on this forum, so they may provide you with some advice if they see your post.

 

I am also linking you to a help article that you may find useful- Expenses for business and private use.

 

Sorry I couldn't be more helpful.

Cheers,
Maxine

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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Ultimate Partner jenniek
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Re: How do I Allocate Tax Code for Personal Purchases

Hi @upstreamdesign 

Normally personal purchases would go to a drawings accounts 3-xxxx - and be exempt of GST - use either N-T or E.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
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