Removing domestic expenses from reports

I my 'list of accounts' I have an expense account called 'domestic' for unrelated business activity. The problem is that even though it is separated, my accountant still needs to extract it. Would I be better off changing this account type to "other current liability", so that it is not included in a tax report?

Thank you kindly

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,315 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Depending on your setup (eg Pty Ltd Company, Trust, Partnership or Sole Trader), your personal expenditure either be part of Drawings (an Equity account) or Shareholders Loan (usually an Asset account but can be set up as a Liability account)

    Personal expenditure should never have a tax code on it (tax code should always be left blank!) - This prevents it from being included in specific tax reports.

    I'm a Sole Trader & track all of my personal income & expenditure in my RA program also. To keep it separate, I use the "Other Income" & "Other Expense"-type accounts & filter (& Memorise!) my business reports for All Ordinary Income/Expense accounts only so that that my personal transactions are always omitted 😊

    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

    [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!)
  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    That's a very clear answer, thank you so much. I will look into it. Thanks.



    😉

  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    Sorry to bring this up again. How do you filter out an account in a report? ie the example is "other expenses", but I was expecting to be able to remove it from a report.


  • Acctd4
    Acctd4 Accredited Partner Posts: 3,315 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2023

    Hi Chris - That's no problem 😊

    If you click on the dropdown arrow - next to that Other Expenses account - & scroll up, you'll see that you can specify All Accounts, Multiple Accounts ... (which enables you to manually tick which specific ones to include from your list) & below that, also specific account Types as selected here (which is how I filter out personal stuff as previously mentioned):


    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

    [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!)
  • Chris_7194422
    Chris_7194422 Member Posts: 51 ✭✭

    Thanks Shaz. Think I 've got the idea now. I tried both filter types that you suggested. "All ordinary income/expense" looks like it kicks out "other expenses/income", and multiple accounts means that you've got to be pretty sure to include all required business accounts (then memorise)

    My income just went up more than I thought, but it didn't give me the thrill that would normally come with a payrise!!