uber personal/business car expenses

Anthony Di Pietro
Anthony Di Pietro Member Posts: 2
edited April 2020 in Reckon One
Hi, I'm using Reckon One as a sole trader to track my income and expenses for my Uber earnings.
I wanted to know the best way to record a personal/business expense that has been imported into reckon via the bank feed (manual). 
For example, I brought a new car battery for my car $139, with my logbook I can claim 80% of this cost and GST as a business expense and 20% as a personal expense and can not claim the GST credit on this portion.
Is the correct way to process this payment once it has been cleared and therefore in Reckon One transactions is to click on the payment which opens the "Make Payment" screen, scroll to the bottom and under "New Transaction Allocation" split the payment in two $111 & $28 the larger one allocated to Motor Vehicle Expenses and the smaller amount to a Drawing account with NTD as the Tax code?
Also I have a Owners Contribution and a Drawings listed as Equity accounts, is this correct?

Thank You in advance.
Anthony

Comments

  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
    Hi Anthony

    Yes correct, split the transaction between MV Repairs/maintenance & drawings, but you should be able to do this as you enter it via the manual bank feed and not have to come back later and alter it. later, when still in your bank transactions you can allocate payment, it opens a new screen asking for the supplier down the bottom you can chose allocate (to an existing bill) or New transaction, here you can split the transaction.

    Would recommend setting up basic suppliers for all this stuff like Vehicle, Fuel, office supplies, bank fees, etc to enter all the expenses rather than setting up cards for all like, NRMA batteries, Battery World, BP charlestown, Caltex Kurri - this saves on a lot of unnecessary suppliers so for all vehicle expenses your supplier is vehicle then you can apply the expense down the bottom to MV-Fuel MV-R&M MV-rego,CTP,ins. - same for office supplies, use office supplies not BigW, officworks etd.

    all the places you bought the expenses from can be entered in the memo/description.

    Yes it is standard to have Owners Contribution (capital you put in to start business) & Drawings (the personal income & expenses paid by the business but are not claimable) as with your % of battery cost, rates, insurance, water, rent etc.