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Cassie_T's avatar
Cassie_T
Contributing User
8 hours ago

Car Purchase- MYOB Business

We recently put $35k down on a company car purchase. I had to transfer the deposit to the business account. So I currently have a $35k transfer in and a $35k payment out to the car dealership in my bank feed.

I currently have a motor vehicle asset and expense account set up, but I haven't had to use them before, so I want to make sure I put everything in the right place!

 

I have set up a loan before, so I think I can sort out the financed portion of the purchase.

 

Thank you!

1 Reply

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    7 hours ago

    Hi Cassie_T,

    That's a tricky one, especially when the deposit has moved through both the business account and the dealership. Because the $35,000 was transferred into the business account and then paid to the dealership, the correct account will depend on where the funds came from and how the vehicle was financed.

    To confirm this situation, please reach out to an accountant for an accurate answer.

    Regards,
    Earl

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