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Experienced Cover User
KatieMcDowall
Posts: 39
Registered: ‎13-05-2010
Australia
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Capital Acquisition

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

Regards
Katie McDowall
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Super Partner
LeanneBerry
Posts: 752
Registered: ‎17-02-2007
Australia

Re: Capital Acquisition

Hi Katie

 

Check the supplier card under buying details that you havent overridden the default tax code with the supplier tax code

Leanne Berry - MYOB Certified Consultant
Consultant - Love Your Numbers Pty Ltd
P (02)6334 2657 - F (02)6334 4516 - M 0417 403 696 - E leanne@loveyournumbers.com.au

Experienced Cover User
KatieMcDowall
Posts: 39
Registered: ‎13-05-2010
Australia
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Re: Capital Acquisition

Hi Leanne

 

aaahhhhhuh The tick was beside - use suppliers tax code

 

Thank  you for your help

Regards
Katie McDowall
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Super Partner
LeanneBerry
Posts: 752
Registered: ‎17-02-2007
Australia
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Re: Capital Acquisition

You're very welcome Katie - glad to have been able to help  :smileyhappy:

Leanne Berry - MYOB Certified Consultant
Consultant - Love Your Numbers Pty Ltd
P (02)6334 2657 - F (02)6334 4516 - M 0417 403 696 - E leanne@loveyournumbers.com.au

Contributing User
nimo
Posts: 155
Registered: ‎20-08-2010
Australia
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Re: Capital Acquisition

Hi Leanne:

 

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.

 

Kind Regards,

monica