Removing domestic expenses from reports

Chris_7194422 · July 2021

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

Acctd4 · July 2021

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 😊

Chris_7194422 · July 2021

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

😉

Chris_7194422 · May 2023

https://community.reckon.com/discussion/comment/20621602#Comment_20621602

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 · 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):

Chris_7194422 · May 2023

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!!

Removing domestic expenses from reports

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Shaz Hughes Dip(Fin) ACQ NSW, MICB

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

Accounted 4 Bookkeeping Services

Ballajura, WA

(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!)

Shaz Hughes Dip(Fin) ACQ NSW, MICB

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

Accounted 4 Bookkeeping Services

Ballajura, WA

(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!)

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