I am looking for advice on how to account for a couple of small income producing activities unrelated to the primary business within Reckon One.
Primary Sole Trader (for arguments sake a Plumber) business is GST registered up and running in Reckon One just fine. Quarterly BAS extracted using Reckon One.
Side income
A) from AirBNB renting out a room in my home. No GST here. Expenses and Income to be accounted for as an individual and P/L to show up in annual tax return.
Buy and sell several horses each year. P/L declared.
Method One
Add AirBNB and horse sales in income and expense accounts in the standard section in chart of accounts. As no GST codes included in these accounts it will not effect quarterly BAS apart from the total income field. But would change the P/L of the plumbing business in reports.
Method Two
Place them in "other income" and "other expense" fields so they sit apart at the bottom of the P/L. I cannot see how to modify and put child accounts on these though and still effect Plumbing business P/L
Method Three
Place them as equity accounts beneath Sole Trader drawing and contributions. ie
Sole trader drawings: horse purchase
Sole trader contributions: horse Sale
Sole trader drawings: AirBNB expense
Sole trader contributions: AirBNB income
They are then excluded totally from the primary plumbing business P/L reports but can be seen and tallied in Reports > Account Enquiry by checking only these four accounts two at a time.
Does anyone have suggestion on how to deal with this sort of scenario. I know I could open totally separate ReckonOne subscription to deal with them. But as all the money passes through the single bank acc this would be PITA to admin. I am thinking method three is the way to go. Just have to remember to dig the respective tallies out using custom Account Enquiries. Thoughts?
