Private usage in drawings accounts.
Private usage in drawings accounts
Manage private usage in Drawings Accounts e.g. Telephone or Fuel.
If you wish to allocate private usage as a percentage of each expense payment made to a particular account:
Step 1. From the main toolbar, click on Chart.
Step 2. Highlight the required account eg. Telephone.
Step 3. Click Edit.
Step 4. In the GST Details section of the Edit Chart of Accounts window, go to GST Private Use % (only use for part business expenses) and type in what percentage of each bill you would like to allocate to private use.
Step 3. Click Edit.
Step 4. In the GST Details section of the Edit Chart of Accounts window, go to GST Private Use % (only use for part business expenses) and type in what percentage of each bill you would like to allocate to private use.
For this to be used correctly, you will also need to identify the chart of account item used to record private expenses. To do this, click on the GST/Setup menu option and Click on the Setup tab (if not already selected)
Then assign the private use expense account
Normally, this will be set as PRIV and you shouldn't need to change it
Now, when you enter a transaction and use an account that has a private use percentage, that private use will be calculated automatically, as below (where account 550E has been used as the private use account)
Article ID 212