Capital Purchases and Finance in AccountRight
HOW TO RECORD CAPITAL PURCHASES AND FINANCE IN ACCOUNTRIGHT There are many finance options available to purchase capital equipment. Commonly used in Australia are: chattel mortgages: ownersh...
Forum Discussion
Sorry I missed this as it was not on the main boards.
A $2000 vehicle that is obviously more than 12 years old would be well and truly depreciated to zero so the first entry you should make is to your Depreciation on M/V which should sit immediately below 1-2211. Dr Depreciation (6-xxxx) Cr Dep on MV (1-xxxx). This could all be recorded as 30/6/11.
If your client is registered for GST then the sale would include GST and the account should be (8 -xxxx) Other Income.
