My client has a commercial property and they charge the tenant GST on water and council rates. How do I set up these expenses in Class so the GST will be calculated?
In Class, water and council rates by default are set up as non-creditable acquisitions as they are generally GST-free supplies.
To resolve this issue, create a new Income/Expense Type at the Business level and a business event at the Fund level.
Create New Income/Expense Type
Navigate to Business Level > Settings > Investment Expense,
- Select Category Type as Property Expenses
- Click on Add New Income Expense Type
- Create a new expense type and for the GST Category select Creditable Acquisition
To create the business event
Navigate to Fund Level > Transactions > General Investment Expense
- Select Water with GST from the Drop-down list for Expense Type
We recommend you set up a new Income/Expense type, instead of changing the existing Income/Expense type. The existing Income/Expense types may be used by other funds.