Hi
On advice from my Accountant I have sold my vehicle to my business. When I ask my Accountant how to put this through MYOB this is the response I receive ...
Enter the Truck via a Journal Entry as follows.
Debit Asset $30,000 ( claim GST )
Credit Shareholders $30,000
Can anyone help me as to how I would enter this ... Is it via Spend Money? Any help would be appreciated as my accountant only speaks Accountant, not MYOB.
Thanks.
Hi
To do this you need to go to the Accounting Tab
Select Create General Journal
Change the date to the purchase date required
It is a purchase select that
It will come up as tax inclusive
enter the description
The Motor Vehicle asset account is a 1-XXXX There is generally one set up in the default chart of accounts
select that account and in the debit column enter 30000 in the tax code put CAP ( capital purchase with GST)
on the next line select the shareholders account 3-XXXX and in the credit column enter 30000 tax code is N-T (notreportable)
then save
hope that helps
Lisa
