Hi all - I recently bought a new vehicle through a car yard - that organised the car loan through a loaning agency. The loan was approved, but the money was paid directly to the car yard, and we then pay the loan. How do I set up in myob if the loan money was not received in our account? Your help would be most appreciated, as all the info I am reading is when the loan money is received directly into a bank account.
Hey Chezzad,
That's exciting— congratulations on your new car! Since the loan amount was paid directly to the car yard, the best way to record this may depend on your specific setup. We usually provide steps for loans received into a bank account, so it's a good idea to check with your accountant or bookkeeper to make sure everything is recorded correctly.
Cheers,
Doreen
Recording of Car Transactions are complex.
Best to speak with your Tax Accountant.
Has been many posts on the MYOB Community over the years.
Lets say a Car costs $50,000 and Interest is $10,000
Loan is $60,000 with 60 monthly repayments of $1000
Non-Current Asset is created for the Car and Interest.
Current Liability of $12,000 and Non-Current Liability of $48,000 for the Loan
I do monthly journals for both Interest and Depreciation.
Duncan
