Setting Up A Vehicle Loan
Hi all - I recently bought a new vehicle through a car yard - that organised the car loan through a loaning agency. The loan was approved, but the money was paid directly to the car yard, and we the...
Forum Discussion
Recording of Car Transactions are complex.
Best to speak with your Tax Accountant.
Has been many posts on the MYOB Community over the years.
Lets say a Car costs $50,000 and Interest is $10,000
Loan is $60,000 with 60 monthly repayments of $1000
Non-Current Asset is created for the Car and Interest.
Current Liability of $12,000 and Non-Current Liability of $48,000 for the Loan
I do monthly journals for both Interest and Depreciation.
Duncan
