Purchase of Assets

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Contributing User Ravinder
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Purchase of Assets

Hi

I have purchased Wall Printing Machine for my business and paid half of the amount by online bank transfer and the half amount paid by cash. Could you please advice how to record this entry in MYOB AccountRight software?  

 

Thanks

Ravinder

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Partner Julie_A_C
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Re: Purchase of Assets

Hi @Ravinder 

 

Assuming you havent entered it as a purchase, then do a spend money on bank for 1/2 the amount.

 

Allocate to Assets or depreciation - immediate write off (depending on cost) for the total amount coded GST or GNR if seller not registered.

 

The negative for the other half that was paid in cash will either be allocated to Owners equity 3-xxxx if you are a partnership/sole trader, Loan from Director if you are a company or Loan from Beneficiary if you are a trust if the cash paid was from your own cash, coded not reportable.

 

In the address section of the spend money or in memo field you should record what the asset was and that half was paid in cash so the Tax Accountant has the details for the tax return at end of year.

 

If you actually do a lot of cash sales in the business and put these sales to a holding account (like undeposited funds) until banked and this is where the actual cash came from then the negative part of the above entry would be to the same holding account.

 

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
Member Association of Accounting Technicians
ph: 0417 927 654 email: accuratebooks7@gmail.com
JAC' of All Trades Bookkeeping (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
Contributing User Ravinder
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Contributing User

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Re: Purchase of Assets

Thanks very much for your suggestion. It's really helpful.

 

 

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