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

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Hi All,
Just a couple of things.
Where do I set up (or how) a non business related expense, that don't show up as an expense on my business. Such as withdraw cash from an ATM, dining out, shopping, etc. I need this to reconcile my account at the end of each month so it balances.

Also, I have just started using ONE as from March 1st and previously used MYOB. Some expenses prior to March 1 will have to be reconciled onto the bank statement, but have been recorded in MYOB already....E.G February supplier expenses of (say $800) have all been recorded in MYOB and have now been paid on March 1st ( when I started using ONE). I need to reconcile my account, but I can't find anywhere to list this $800 so it doesn't come up as an expense, I just want to show in my account so I can reconcile it.

Any help appreciated.

Michael

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Michael Ortiz

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Posted 6 years ago

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Cailan Tree

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I am wondering the same thing. If you have found out how/where to put those expenses could you let me know :) Thankyou
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Andrew Hellier, Employee

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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.

Cheers,
Andrew
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ARC BookKeeping, Accredited Partner

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Hi Michael & Cailan,


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

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Vincent Bastos

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Hi  Michael,

I was wondering if you were asking this question because you are reconcile a personal bank account that also has business expenses?

I have a similar scenario; I use my credit card for both personal and business expenses. I don't reconcile this credit card account in my accounting software. I input only the business expenses as single transactions.

Having said this, I would love to be able to have a single file/book for both my business accounts and my personal accounts and manage both "entities" separately in the one file/book.
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ARC BookKeeping, Accredited Partner

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Hi Vincent,

Have you looked at Reckon Accounts Home & Business?

It is an awesome program that does exactly that...

or another way to do this, (depending on which program you use... could be use class tracking... then you can do P&L by class, the classes in this case would be personal & business. 

regards
Angie Carlyle
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Vincent Bastos

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Thank you Angie,

I am looking for a hosted solution that works in a browser, preferably with a native app for iphone or android. As far as I understand, Reckon Accounts Home & Business is desktop based.

Thanks for the tip though.
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Michael Ortiz

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Hi Vince, yes that is correct I use the one account. Unfortunately I have had nothing but problems with reckon and have now moved to quickbooks online which is absolutely great and offers so much more
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Kat

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Is quickbooks online similar to the actual quickbooks program?
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Michael Ortiz

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Thanks Angie, that also helps!
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Michael Crocombe

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HI
long time user of QB, I have a directors loan account and in QB, I would write a cheque to me and apply it to the directors loan.  Reckon One want to do everything by a "bill" so  I can't figure out how to do this, also how can I enter expenses paid my the compnay without a "bill"?

Mike
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Kat

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Exactly! I've just moved to Reckon One from Quickbooks and going through all my cheques and entering them as bills then paying them is getting tiresome!

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