I have plenty of MYOB questions.
Setting up expense accounts for recording IP expenses. Is it best to have a single account to record all expenses of a single category for all properties, or have multiple occurences of the same category for each property?
Eg. Chart of accounts looks like this:
6-7000 Investment Property Expenses
6-7100 IP #1
6-7101 Maintenance and Repairs
6-7102 Rates
6-7103 Mortgage Interest
6-7200 IP#2
6-7201 Maintenance and Repairs
6-7202 Rates
6-7203 Mortgage Interest
or Chart of Accounts looks like this:
6-7000 Investment Property Expenses
6-7001 Maintenance and Repairs
6-7002 Rates
6-7003 Mortgage Interest
with all Maintenance and Repairs for all properties recorded against the single expense account.
Preferences anyone?
Pete
Setting up expense accounts for recording IP expenses. Is it best to have a single account to record all expenses of a single category for all properties, or have multiple occurences of the same category for each property?
Eg. Chart of accounts looks like this:
6-7000 Investment Property Expenses
6-7100 IP #1
6-7101 Maintenance and Repairs
6-7102 Rates
6-7103 Mortgage Interest
6-7200 IP#2
6-7201 Maintenance and Repairs
6-7202 Rates
6-7203 Mortgage Interest
or Chart of Accounts looks like this:
6-7000 Investment Property Expenses
6-7001 Maintenance and Repairs
6-7002 Rates
6-7003 Mortgage Interest
with all Maintenance and Repairs for all properties recorded against the single expense account.
Preferences anyone?
Pete