DuncanS
Ultimate Partner
Joined 13 years ago
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Re: Purchases and payments on behalf of client
ABingShella_APrincess_R I would treat the Payments as a Cost of Sale. One Account called Visa Application Fees and another Account called Visa Application Fees Recovered. You may have a Sub-Total. Real Estate Agents follow this method with their Advertising Spend. Take Care with the GST or no GST with Fees charged by Government Departments. I would be speaking with your Tax Accountant. DuncanRe: Expense percentges
dandiesel84Doreen_PChrisMc Dan, Accounting for MV Expenses can be/is complex. Do you have a Log Book? Using a figure of 20% indicates that a Log Book is not held. I use 2 decimal places eg 80.14% 19.86% Furthermore, the type of Entity determines how MV Expenses are entered. By example, a Company claims 100% then the Director makes a Contribution by way of an Income Account. Speak to your Tax Accountant if you have a Company. I like Chris's use of a Bank Rule to split the expense. If you are a Sole Trader, you may like to have a Drawings Account called Drawings - MV Personal. DuncanRe: Changing from Accountright Plus to Business Pro
sal2107Genreve_S MYOB has announced price rises commencing 01 March 2025. MYOB Business "looks good" but there are many functions that are "poor". By example, recurring entries (no next due/last posted) and Data Entry (no memory of previous transaction). AccountRight does not have these issues. AccountRight Plus now costs $150 incl GST per month. MYOB Business Pro will cost $63 incl GST per month. Maybe MYOB can explain the extra benefits in AccountRight. Duncan25Views1like0CommentsRe: Recording Expenses made by Owners/Partners
rprimroseGenreve_S Further to Genreve's comment, you would check the relevant Expense Account to ensure the expenses paid by the Partners are recorded. The Session Report was useful but no longer exists. You can drill into an Expense Account from the P&L. Duncan7Views0likes0CommentsRe: Accrued Interest to Loan account
Fran_29Mike_James Fran, I certainly would be conversing with your Tax Accountant. In my experience, Interest is not charged on Loans by the Director to the Company. One would suggest that any Interest claimed by a Company would be Taxable Income to the Director. My mind is suggesting that Interest not paid may not be a Tax Deduction. Once again, have a chat with your Tax Accountant. Duncan13Views0likes0CommentsRe: How to remove an asset recorded under liabilities
WTPL I understand a Category cannot be removed once used. You check your Bank Rules and/or Recurring Transactions to reset to the Liability Loan. Once the Asset Loan is nil you can renumber and put a Z as the first letter. Duncan Smith22Views0likes0CommentsRe: Retrieve BAS details from Last FY
nsc1 The ATO has a Product Summary Report which shows items reported on a BAS. Do you have the Business Portal? A Tax Accountant/BAS Agent/Business Owner should prepare a BAS Reconciliation for each FY. The BAS Reconciliation can be updated quarterly and agreed to Income on the P&L. Each time a BAS is lodged, the GST Report should be kept with the BAS. Duncan Smith11Views0likes0Comments