I need to raise a rent debtor as of 30/6/2018 with the income reported in the 2018 financial statements but the amount needs to be assessable in the 2019 tax year. How do I process this in Class?
- At the Business Level, create a customised Investment Income account- Accrued Rental Income (Make sure it is not tax assessable). Refer to the User Guide on Income and Expense Type Settings_for instruction on setting up a new income expense type
- At the Fund level, process the amount, e.g. $2,000, to Accrued Rental Income and leave as unmatched on 30 June 2018 This will create a receivable in the Statement of Financial Position for FY2018.
In FY2019 when the fund received the cash, e.g. $2000 say on 20 July 2018.
- At the Fund Level, process the Investment income - Accrued Rental Income for a negative amount of $2,000
- Match with FY2018 accrued income
Navigate to Business Level > Settings > Investment Income
- Click on the Accrued Rental Income
- Change it to assessable and mapped as Gross rent and other leasing and hiring income.
- Process another positive Investment Income - Accrued Rental Income for $2,000
- Match with cash received $2000