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KiwiCaro's avatar
KiwiCaro
Trusted Cover User
2 years ago

Selling a motor vehicle

Hi. I'm after advice on how to record selling a motor vehicle.

I asked my accountant how to record the transaction, abd her response is:

If you can make an account called Asset realisation account in the income section 4**** with GST Income code. Allocate to this as this will then be reflected correctly on the BAS.

 

I'm all good with creating the ledger account, but how do I physically record the funds going into our bank?

 

Thanks in advance

 

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 years ago

    Hi KiwiCaro, 

     

    Thanks for reaching out. 

     

    Generally, any credit transactions that need to be recorded that aren't connected to an invoice would be recorded as either a receive money transaction or journal entry. But I would recommend clarifying this again with your financial advisor. 

     

    Let us know if you require any further assistance with this. I'm happy to help.

     

    Cheers,

    Genreve

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