30-03-2012 12:14 PM
Need help placing amounts for new company car deposit of 1,000 on visa, $6,500 trade in on old car, 15,000 loan (not from bank) and 2,000 odd company cheque. I know I have to set up a liability for the loan but trying to work out how to show the trade in etc is really stumping me any help would be great I have set up rego and insurance account in expences Regards.
30-03-2012 04:10 PM
Just do a search of the forum and you will end up getting some good information from past posts on the above subject.
I just type in vehicle in the 'Search' box and got the list as per this link http://community.myob.com/t5/forums/searchpage/tab
30-03-2012 06:22 PM
I would start by doing a bill for the initial purchase for the total invoice as issued by the dealer
with the trade in coded to an asset clearin account
The various payments can then be applied to the bill and you can journal the initail cost, accumulated depreciation for the sale of the old vehicle to the asset clearing account
30-03-2012 09:10 PM
If you are in Australia, registered for GST and the traded in vehicle was owned by the busines I think you will find that the ATO will declare that the trade in price includes GST Collected. So you will need to use the correct Tax Code when doing the entry.
31-03-2012 01:05 AM
Bob is on the right track, if the vehicle is a business asset and you therefore claimed back the GST at the beginning, there is definitely GST included in your sale price.
A number of my clients faces have fallen when I have gone to them at BAS time and had to tell them that the 'great' deal they got when they traded in was not so great, as it included GST. Once bitten twice shy, I hope.
The sale/trade in needs to be recorded as a sale or at least by receive money to get it into the correct section for BAS reporting.
Need help with your MYOB product or service?Find out more
News, views and ideas for your businessFind out more
Courses and materials
designed to help you make
the most of your software.