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I have noticed since the upgrade to 19.5 (not sure if this is coincidence or not) however I enter a capital acquisitions allocated to a capital (Asset) account, it default's to the GST Tax code??????? Why is that????????
The asset account is set up as default Tax Code CAP
Previously it defaulted to the Asset account as it is set up with the Tax code - CAP
Hope my query make sense, can anyone help please
Check the supplier card under buying details that you havent overridden the default tax code with the supplier tax code
aaahhhhhuh The tick was beside - use suppliers tax code
Thank you for your help
You're very welcome Katie - glad to have been able to help
My situation is i borrowed $25968.8 from bmw finance, and i paid $7000 cash as a down payment, the total price of the car is 32968.8 (inclu GST $2818.53, stamp duty $1216, Registration fee $749). This vehicle is 80% for business usage. These make the situation more complicated.
Which is easier to record all those transactions? Spend Money or Enter purchases and pay bills?
If use purchase option, which purchase layout should i use? If item, should i just create a item number by myself?
If my bsuiness use is 80%, i should enter the purchase of 80% * total car price ($32968.8) initially, and then pay bill (from bank account) $7000*80%, pay bill (from chattel mortgate) $25968.8*60%.
Also when i raise a separate purchase from the chattel mortgage costs from BMW Finance, also i need enter the purchse of $25968.80*80%. Am i right?
Last question is when i enter the purchase of the car, should i seprate the stamp duty from the car price?
Sorry about asking so many questions, i am a beginner, and i am very keen to enter the bookkeeping industry.