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Cash payment

Hi, 

As a sole trader how to record transaction for process telstra quarterly bill of $121including gst(90% business use,10%personal use).

1 Comment
Frequent Contributor *

Re: Cash payment

I'd suggest:
1. Set up a recurring template for this transaction, split with two expense lines
2. Split will be 10% personal expenses (need an account such as "Drawings" for that) non taxable $12.10
and business 90% tax-included (if using QBO) or 90% of pre-tax amount taxable at GST rate
3. Transaction should total to $121
That should work. Good luck

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