How to record the related expense, for example, insurance or storage costs for the Gold and other Precious Metals Bullion?
Currently, expense type Valuation Fees is available. For Insurance and Storage cost, refer to below steps
Navigate to Business Level > Setting > Investment Expense
- Select General Expense to "Category Type"
- Click on Add New Income Expense Type button
- In the Maintain Income Expense Type screen, enter the expense name, code and GST category as required
- Select "Yes" or No for Tax-Deductible
- Select the proper Tax Return Label and Pension Apportionment Method accordingly
- Click on Save
Navigate to Fund Level > Transactions > Fund Expense > General Investment Expense
- Select the new expense type from the drop down list
- Choose the relevant previous metal
You may need to navigate the related articles regarding the processing of set up investment account, and the acquisition and disposal for Gold or Other Precious Metals in Class as per below links: