"other current liability"

Chris
Chris Member Posts: 31 ✭✭

Would this account type be suitable for personal expenses made that I don't want shown in a P/L report, or any other income reports?

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 2,451 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Well a liability or asset can be used, money owed to the company is usually an asset though. It can be entered as Drawings or Loan - ABC

    You could use an Other Expense account which would show it at the bottom of the P & L. Your accountant would be the best person to advise as he would know the structure of the business

  • Acctd4
    Acctd4 Accredited Partner Posts: 2,005 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 20

    You can do - I use the Other Income & Other Expense-type accounts & just omit these from my Memorised business P&L 😊

    (Note: this is fine as a sole trader however personal transactions may need to be recorded differently if the entity is operating under another structure - especially a company - depending on the situation & setup)

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

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  • Chris
    Chris Member Posts: 31 ✭✭

    I have converted the accounts to 'other expense'. How do I omit them from a report? I was guessing to use 'filters', but didn't get very far.

  • Kris_Williams
    Kris_Williams Member Posts: 2,451 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    With Profit and loss on screen select modify, filters and change to All ordinary income/expense


  • Chris
    Chris Member Posts: 31 ✭✭

    Thanks Kris. 'All ordinary income/expense accounts' cracked it.

    There doesn't appear to be information about what each filter does, I never would've guessed to use that one.

    Cheers, Chris

  • Acctd4
    Acctd4 Accredited Partner Posts: 2,005 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    The Find & reporting in RA is extremely powerful & no other program has the capability on par with Reckon - You can pretty much search & customise a report on anything! ☺️

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)