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Would anyone know how the gst claim is split on an account that is only a percentage Business? When I look at Income/Expense report, the entire amount is shown as an expense. I don't want to be claiming GST on the personal part of an expense.
Thanks for any help.
Hi Thomas, If you edit the transaction and then click on the Recap button, assuming everything is set up correctly on the expense account you should see only the business portion of the GST being posted to GST paid with the remainder being lumped in with the amount going to Personal Draw.
A simple example would be if I have my Business Meals set to 50% business with the personal portion assigned to a Personal Drawings account I should see the following being posted: Transaction total $10.50, Exp to Business Meals, $10, $0.50 indicated as GST. Recap should show $5.00 to Business Meals Expense, $0.25 to the GST Paid asset account and then $5.25 going to my Personal Drawings account.
If that's not what you're seeing, verify that your set up on the account is correct (Setup > Chart of Accounts). If you make any corrections in setup, you'll need to reverse and re-enter the transaction as any changes made only affect transactions entered after the change. Already entered transactions are not altered by changes in Setup.
Hope all of that made sense!!