Forum Discussion
DuncanS
2 months agoUltimate Partner
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