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ronatbas's avatar
ronatbas
Ultimate Cover User
10 years ago

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...
Sally_k's avatar
Sally_k
Experienced User
8 years ago

Hi @ronatabs

your article is amazing and save my life :-) I am doing hire purchase for construction company My boss bought CNC machine  on hire purchase and your example help me very well . I want to know when you enter the purchase and use the tax code  N-T but in above lines it was CAP

1-2910               CNC Bridgeport Mill                            CAP

1-2950               CNC Mill Accum. Depreciation           N-T

 

kindly explain me which code should I use for Purchase ?

 

Another question is I  just create the depreciation account as you suggest but I don't know how their accountant do the deprecation . Is it alright if I didn't touch the depreciation and at the end accountant handle as he want to do it. Because I am doing their backlog and as well as working for current financial year but I have not any idea about depreciation.

 

Also if you can explain me how 2-2105  Unexpired Interest on ABC Loan    account will reconcile at the end?

 

Warm Regards

 

Sally 

 

 

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