Sam987
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Re: Capital Purchases and Finance in AccountRight
Hi all I have looked at a number of posts already regarding entering a car purchase and just can't get my head around it. I am trying to record a purchase of a car totalling $41147 $500 was already paid from personal funds (say owner contribution) as deposit. A further $3500 was paid from the business account. Is it a simple matter of opening a MV asset account and doing a general journal where i Debit it $41147? But then I am lost on the other side of the transaction. I've attached my entry - which i think looks ok for the purchase side of things Do i credit Loan account for the difference ($37147)? ANd then how do i record the 2 deposits? Apologies Its a dumb question, but hoping someone can help me. Thanks in advance. I have 3 cars to enter, so hopefully once I have it sorted on one, I can do the others. Its a Chattel Mortgage, so I am claiming the GST upfront. Thanks again69KViews0likes0Comments