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KiwiCaro's avatar
KiwiCaro
Trusted Cover User
11 months ago

Selling a motor vehicle

Hi. I'm after advice on how to record selling a motor vehicle.

I asked my accountant how to record the transaction, abd her response is:

If you can make an account called Asset realisation account in the income section 4**** with GST Income code. Allocate to this as this will then be reflected correctly on the BAS.

 

I'm all good with creating the ledger account, but how do I physically record the funds going into our bank?

 

Thanks in advance

 

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    10 months ago

    Hi KiwiCaro, 

     

    Thanks for reaching out. 

     

    Generally, any credit transactions that need to be recorded that aren't connected to an invoice would be recorded as either a receive money transaction or journal entry. But I would recommend clarifying this again with your financial advisor. 

     

    Let us know if you require any further assistance with this. I'm happy to help.

     

    Cheers,

    Genreve

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