Add a new vehicle purchased with finance company

Hi Lo2007,

Thanks for your post. In scenarios like this, we recommend consulting an accountant to ensure you get an accurate solution. Additionally, I suggest visiting this post for more detailed information. Car finance loan and GL

Feel free to post again, we're happy to help!

Regards,
Earl

Lo2007 Earl_HD 

Hope your Accountant is Online.

Accounting for Cars is complex.

Ledgers may include -

  Car    eg Ford Ute May 2024   I include the Rego Number

     Depreciation and GST Limits apply

     Private Use is considered

  Interest on Loan eg  Interest WBC Loan  Ford Ute

   I do monthly Journals for the Interest (refer Amortisation Schedule)

  Loan Repayments   eg WBC Loan $888 by 48 months

  Balloon eg WBC Loan Balloon $10,000 April 2028

  Depreciation of the Car   eg Ford Ute May 2024 Accum Depn

  I do monthly Journals for the Car Depreciation

Duncan