Issue 

The fund received a prepaid rental income of $1,100 on 29 June 2019. The income is for the period of July-2019. How do I take up the Income as a Sundry Creditor, at the same time, take up GST on Cash-basis?

Resolution

To resolve this issue:

Step 1: Create Custom Holding Account to record the Sundry Creditor

Step 2: Add value into the Sundry Creditor account

Step 3: Take up GST Received

Step 4: Match Transactions

Step 5: Match the $1,000 remaining in Custom Holding Account to Rental Income

Create Custom Holding Account to record the Sundry Creditor

Navigate to Fund Level > Investments > Custom Holding Account

1. Create a Custom Holding Account
   Example
   

Add value into the Sundry Creditor account

Navigate to Fund Level > Transactions > Browse Bank Statements

1. Select the Rent In Advance from the drop-down list at Bank Account
2. Add a Cash Out transaction on 29/6/2019 with the amount of $1,100
3. Add a Cash In transaction on 29/06/2019 with the amount of $100

Take up GST Received

Navigate to Fund Level > Transactions > Investment Sell > Listed Security Disposal > GST Received

1. Select Rent in Advance as the Custom Holding Account
2. Enter the date as at when Cash received
3. Enter $100 into the Claimable GST field
4. Enter $1,100 into the Gross Transaction Amount field (this will not shown on Statement of Financial Position or Operating Statement)
   
   
5. Click on Submit

Match Transactions

Navigate to Fund Level > Transactions > Match Transactions

1. Match the $1,100 Cash out from the Rent in Advance Custom Holding Account to the $1,100 Cash In to the bank account
2. Match the $100 Cash In from the Rent in Advance Custom Holding Account to the $100 GST Received event

Match the $1,000 remaining in Custom Holding Account to Rental Income

This is for the following Financial Year when Rent Income is realised for Accounting purposes.

Navigate to Fund Level > Transactions > Browse Bank Statements

1. Select the Rent In Advance from the drop-down list to Bank Account
2. Add a Cash In transaction with the amount of $1,000 as at the Date of the Rental Income

Navigate to Fund Level > Transactions > Fund Income > Rental Statement

1. Enter $1,000 to Gross Rent Including GST
2. Clear the amount in the GST on Rent field
   
   
3. Match off the Cash In transaction to the business event