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
Notionally you will have the following accounts already set up
1 xxxx Motor Vehicles at Cost
1 xxx5 Depreciation on MV
2 xxxx Directors loan account as Credit Card type account
You will need the following
2 xxxx Finance Co loan -set up as Credit Card type
2 xxx5 Unexpired Interest on Finance Co Loan
The bill should be set up with the account being1 xxxx MV at cost and code CAP to pick up the GST.
The smaller payments can be made from bank and director's loan account and the major payment from the 2 xxxx Finance Co Loan. These payments are detailed in the original blog.
