Unable to enter Residential Rental Statements as a single transactions
The transaction we are trying to enter is a monthly residential property rental statement, this is usually a net sale (more funds coming in than out). We have tried entering the statement as a single Sale Transaction, but find it easier to enter a general journal. Account DB CR TAX Rental Income Income Amount FRE Management Fees Fees INP Bank Account Balance N-T This is the transaction. Basically Rental Income less Fees goes to Bank. Rent is GST Free, Expenses related to rent are Input Taxed and the balance going to the bank is hidden from the BAS as Non Taxable. The problem is if you enter the transaction as a Sale Transaction or a General Journal of Sale type, MYOB complains that the INP code for Management Fees is not allowed. Exact wording “Import Duty and Input Taxed are invalid tax types for sales.” If you change to use General Journal of Purchase type, you can enter the code INP, but then the Rental Income (type FRE) shows on the wrong side of the BAS. If you change INP to ITS (Input Taxed Sales), the Fees will appear in the wrong location on the BAS. Please can you change the check of the Tax Type to look at the net Credit and Debit amount. If the amount is a Debit or a negative Credit, please allow INP to be used for a Sales transaction. I know that I could enter this as two transactions but that is difficult to reconcile with the rental statements. We should not have to create additional transactions to work around limitations in the software. The software should be fixed so it can handle this legitimate use case.Unable to enter Residential Rental Statements as a single transaction
Please see the thread below which discusses MYOBs inability to enter a Residential Rental Statement as a single transaction due to the error: "Import Duty and Input Taxed are invalid tax types for sales". https://community.myob.com/t5/AccountRight-Tax-and-Business/Unable-to-enter-Residential-Rental-Statements-as-a-single/td-p/850959
