Forum Discussion

Contributing User

4 months ago

Solved

Adding and Asset and journal entry

Hi We have purchased a vehicle on hire purchase. I have tried to follow instruction through MYOB however the journal is not adding up. Can anyone explain the process to include adding a journ...

Genreve_S
4 months ago
Hi margkout,

Double‑checking how you’re recording the vehicle is certainly important to get asset purchases right in the books.

Your best bet is to also run this past your accountant or financial adviser, but in general, you’ll:

Record the vehicle purchase with a single general journal, so the asset and GST are captured correctly

Set up a loan / hire purchase liability that you then pay down with your monthly repayments

These help articles step through the process with examples:

https://www.myob.com/au/support/myob-business/purchases/set-up-a-hire-purchase-arrangement?productview=Browser

https://www.myob.com/au/support/myob-business/banking/loans-and-repayments?productview=Browser

Hope that helps point you in the right direction.

Regards,
Genreve

Genreve_S

MYOB Moderator

4 months ago

Hi margkout,

Double‑checking how you’re recording the vehicle is certainly important to get asset purchases right in the books.

Your best bet is to also run this past your accountant or financial adviser, but in general, you’ll:

Record the vehicle purchase with a single general journal, so the asset and GST are captured correctly
Set up a loan / hire purchase liability that you then pay down with your monthly repayments

These help articles step through the process with examples:

https://www.myob.com/au/support/myob-business/purchases/set-up-a-hire-purchase-arrangement?productview=Browser

https://www.myob.com/au/support/myob-business/banking/loans-and-repayments?productview=Browser

Hope that helps point you in the right direction.

Regards,
Genreve