Personal Credits or debits

Catherine_7087998
Catherine_7087998 Member Posts: 9
Can anyone explain how to enter a personal credit or debit through Reckon hosted eg, a refund for an duplicate fee, or similar.

Comments

  • Kay Laws Accredited
    Kay Laws Accredited Member Posts: 72
    edited March 2017
    Hi Mothercarey, Welcome to the Reckon Community. If you are wanting to process a refund for a duplicate fee that you have already processed, you can use the deposits feature to record the deposit allocating the deposit to the same account the duplicate fee was allocated to. If this is a personal transaction you should use your drawings account ( sole trader) or your directors load (company ) to process this entry. Hope this helps Kind Regards Kay kmlbookkeeping@bigpond.com
  • Sally McIntosh, Accredited Consultant
    Sally McIntosh, Accredited Consultant Accredited Partner Posts: 468 Accredited Partner Accredited Partner
    edited February 2017

    Hi Mothercarey,

    When you are talking personal expenses in a business file then yes you should be allocating expenses and income via the "drawings" account mentioned by Kay.

    But if you are talking about a legitimate business expense with a tax code you will need to use a journal entry. (company drop down menu)

    If it was a bank transaction fee (for example), the reversing journal (to the additional transaction in the bank register) would be DR bank and CR the expense account you used previously, with the relevant tax code.

    If you are reversing entries with GST/NCG/CAG in them I would recommend ticking the box in the bottom left hand corner which says amounts include tax.

    If the duplicate transaction was in a current period however, you could just delete or void it.

    The reason you cannot use the make/record deposit screen is because there is no option to assign a tax code which would make your BAS figures incorrect.

    I hope this helps.

    Kind regards,

    Sally McIntosh (sally@samsolutions.com.au)

  • Catherine_7087998
    Catherine_7087998 Member Posts: 9
    edited October 2015
    Thanks for taking the time to respond. I really appreciate that.

  • Catherine_7087998
    Catherine_7087998 Member Posts: 9
    edited October 2015
    Thanks Sally, this is helpful. I appreciate your time.