Purchase of company car on finance

[kobler]

Evening all trying to work out the following.

Using rough round numbers for ease

Purchased a new vehicle $64k including $6k gst
$2k of additional charges not attracting gst eg stamp duty

A deposit was paid directly to the vehicle supplier
The total financed is $70k including interest charges for the life of the loan. 

These are fixed repayments every month

The finance company pays the vehicle supplier directly.

 Trying to work out all the myob essentials steps. 

Thanks for your help, a tired small business owner

[Melisa_D]

Hi @kobler, 

Thanks for your post. Our help article Loan and repayments has information and instructions on how you would set a loan and it's repayments up in your software, however if you're unsure on how to record these payments we recommend reaching out to your accountant or financial advisor to ensure it is reported correctly. 

Do let me know how you go. 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[veeva53]

Did you sort it yet?

V