We have $15,904.50 (incl GST) worth of business insurance funded through a finance company. This has been allocated as follows:
Insurance Company - No GST - CR - $17,256.38
Insurance - 15% GST on expenses - DR $13,830 (Insurance premium excl gst)
Interest-Finance Lease - No GST - DR -$1,351.88 (Interest part)
This has put the entire $13,830 on the P&L under one month where we actually need it to be allocated to the respective months it relates to, as per the repayment schedule and as per our business budget
Our external accountants would prefer the above to remain however suggested I do a further journal to identify each cost to each respective month.
Whats the best way to add this into xero?
Insurance Company - No GST - CR - $17,256.38
Insurance - 15% GST on expenses - DR $13,830 (Insurance premium excl gst)
Interest-Finance Lease - No GST - DR -$1,351.88 (Interest part)
This has put the entire $13,830 on the P&L under one month where we actually need it to be allocated to the respective months it relates to, as per the repayment schedule and as per our business budget
Our external accountants would prefer the above to remain however suggested I do a further journal to identify each cost to each respective month.
Whats the best way to add this into xero?