Issue

How do I record Regulatory Fees as Deductible for tax purposes?

Resolution

Step 1: Create a new business expense type at the Business Level

Step 2: Create the Business Event at the Fund level

Create a new Expense Type

Navigate to Business Level > Settings > Fund Expense

1. Choose Regulatory Expense as Expense Category
2. Click on Add New Income Expense Type
3. From the pop-up screen, enter the expense Name
4. Enter the expense Code (normally copy and paste the expense name, then remove the space)
5. Select the relevant GST Category
6. Tick "Yes" To Tax Deductible
7. Select relevant Tax Return Label
8. Select relevant Pension Apportionment Method
9. Click on Save 

Create the Business event

Navigate to Fund Level > Transactions > Fund Expense > Regulatory Fee

1. Select this expense type created in Step 1 from the drop-down list