Setting UP account (Motor vehicle for GST purpose

Question

Dear All,I would be very grateful if you could assist me with the following questions:1. We want to set up an account in MYOB for Motor Vehicle. For example, if a client purchases a vehicle via finance or cash, how should the company account be treated for GST purposes?2. How should the monthly finance payments be recorded for tax purposes in MYOB?3. How should the client account be reconciled at the end of the month (EOM)?4. How do we lodge the BAS?Your help with these queries is greatly appreciated.Simple from start to endBest regards,ASH

princess_r · Answer

Hi ASH777,&nbsp;Thank you for reaching out.&nbsp;I'm glad to offer some general guidance, but it's important to consult with your accountant for personalized advice on handling this matter. Here are some helpful Help articles you can refer to:Creating an accountPurchasing a company car on financeAbout depreciation accountsRecording ATO payments and creditsReconciling your bank accountsGetting ready to lodge activity statementsPlease feel free to reach out if you need any further assistance.&nbsp;&nbsp;Cheers,Princess

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Setting UP account (Motor vehicle for GST purpose

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