Sold Vehicle to Business ... How do I MYOB it???

[Tee27]

Hi

On advice from my Accountant I have sold my vehicle to my business.  When I ask my Accountant how to put this through MYOB this is the response I receive ...

Enter the Truck via a Journal Entry as follows.

Debit  Asset                         $30,000 ( claim GST )

Credit Shareholders                        $30,000

Can anyone help me as to how I would enter this ... Is it via Spend Money?  Any help would be appreciated as my accountant only speaks Accountant, not MYOB.

Thanks.

[LRBooks61]

Hi

To do this you need to go to the Accounting Tab

Select Create General Journal

Change the date to the purchase date required

It is a purchase select that

It will come up as tax inclusive

enter the description

The Motor Vehicle asset account is a 1-XXXX There is generally one set up in the default chart of accounts

select that account and in the debit column enter 30000 in the tax code put CAP ( capital purchase with GST)

on the next line select the shareholders account 3-XXXX and in the credit column enter 30000 tax code is N-T (notreportable)

then save

hope that helps

Lisa