What are code split rules?
Certain farm expenses have a percentage of GST that is claimable as a business expense, while the remainder is a personal portion.
Code split rules automate the splitting of these transactions, saving you time and ensuring accuracy and consistency.
In addition, code split rules can be used to split a single coded line into multiple codes or tags.
NOTE: Before you get started, we strongly recommend you have a conversation with your accountant about the portion of business GST you can claim on farmhouse expenses.
Select a code to automatically split
In the Settings screen:
- Select Codes.
- Click on Code split rules.
3. In the code split rules screen, select Add new rule.
4. Type in the category and extended code you want to split.
TIP: Start typing the word that the code relates to i.e. 'House' and Focus will filter the code list for easy selection.
Create the code split rule
Enter the details of the code split rule as outlined below:
- The category and extended code used for the first line of your code split rule
- The GST type that applies to this rule
- A description for your reference
- If you use tags you can enter these for more in depth business analysis
- The percentage for the selected split
A new line will be created for you until the total reaches 100%. Follow these steps for any further split lines (up to six lines).
Click Save. You’re all done!
What happens now?
Every time you use this code Cash Manager Focus will split your transaction or invoice line for you.