Tracking Novated lease in Accounts Personal

  • 1
  • Question
  • Updated 4 weeks ago
  • Answered
Hi,

I've been a user of Reckon/Quicken personal range for many years (10 years almost!). Over that time, tracking my income from full time employment has been relatively straightforward. However, in more recent years, I have exercised a salary sacrifice option offered by my company. In particular, over the past 3 years, I have entered into an arrangement between a novated lease / fleet company and my employer.

Now, as part of that arrangement, some of my salary is deducted pre and post tax, and along with Super deductions, a net amount is available in my bank account, for which I simply download/enter into Reckon. Fine.

Before this arrangement however, my vehicle was privately held. I knew exactly how much fuel I was paying each month, the cost of insurance, maintenance and repair etc. Under this new arrangement, I effectively pay a set amount each pay cycle with all of those  previous tracked details "rolled up" into the amount withdrawn from my salary. I have access to the fleet company's portal which can detail all the vehicle transactions like fuel, vehicle interest, maintenance and repair etc.

My question is : how do I get to track in Reckon my vehicle expenses like it was held privately so I can see exactly my monthly fuel expenditure say? Is there any option to set this up, or alternatively, does Reckon Personal have the ability to include novated lease arrangements?

Thanks
bouralex
Photo of bouralex

bouralex

  • 70 Points

Posted 4 weeks ago

  • 1
Photo of Diver Dave

Diver Dave

  • 4,038 Points 4k badge 2x thumb
Alex, I'd suggest setting up a Liability Account, say "Novated", then enter your monthly pay manually, or automatically as a Memorised, Scheduled Transaction.  Make it a split transaction, with the Novated amount then transferred to Novated.  Within Novated you can enter the details from the Lease compnay so you can run detailed Reports.  Send me an e-mail at david.stewart@optusnet.com.au if you need more detailed help.