Where do I list my non business related expenses in RECKON ONE

Hi Michael and Cailan.

Expense accounts in Reckon One are treated the same as far as reports are concerned. There is no option for creating a business expense account vs a non-business expense account.

Business expenses & non-business expenses are both reducing the bank account balance.

If you want to reduce the applicable bank account balance (due to a non-business expense) without using an expense account, you would need to move this money via a journal entry or transfer. This will then allow you to reconcile the applicable bank account. As far as where/how you can allocate the amounts in the journal or transfer this would be best answered by someone with an accounting background.

I am not an accountant but class myself as a book keeper.

my answer would be....

1. I haven't as yet used Reckon ONE, (as only you Aussies have it, bugga it, hurry up Reckon I want it here in NZ) but most accounting programs have what it generally known as equity accounts (which show up on your balance sheet as opposed to your Profit and Loss) and in these equity accounts normally there is an account called something like owners drawings/contribution/equity or you can create one.

That would be the account I would use if there was any non-business expenses leaving your bank account. (GST exempt transaction)

2. Are you Paying GST on Cash/payments or Invoice/accrual basis? 
if you are Cash basis.... then even though you entered the bill dated February into MYOB you haven't as yet claimed the GST on that expense, as you did not pay it till March. 

When you started/opened ONE you could have some Opening Balances that should have been entered eg outstanding bills to pay(as in your example), outstanding invoices for clients, bank balances etc.  if you cannot enter these with the actual original date then I would enter them with 1/3/14. Then apply payment as you normally would. 

Or you can just do a money out transaction with the date it left your bank account.

I am not sure exactly how to handle it if you are on Invoice basis... but it would be something like entering a money out transaction coded to possibly an equity account... create one or an expense account called something like TO DEAL WITH LATER. make sure you code it Exempt GST as you would have claimed the GST in MYOB/February.

And then you will be able to at least reconcile your bank account then talk/show these transactions to your accountant they will be able to help you further.

regards

Angie Carlyle