Sally_k
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Joined 9 years ago
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Re: Capital Purchases and Finance in AccountRight
Hi ronatbas One more question . My boss hand over few more hire purchase documents and he bought two machines in 5 June 2014 and another 10 Oct 2014 . As I am doing back log and my boss wants me to enter the transaction from July 2015 . I am thinking to calculate the pending amount on 1 July 2015 and start entering the transactions by following above method. Kindly advise me is it the right method to do it ? Warm Regards Sally63KViews0likes0CommentsRe: Capital Purchases and Finance in AccountRight
Hi @ronatabs your article is amazing and save my life :-) I am doing hire purchase for construction company My boss bought CNC machine on hire purchase and your example help me very well . I want to know when you enter the purchase and use the tax code N-T but in above lines it was CAP 1-2910 CNC Bridgeport Mill CAP 1-2950 CNC Mill Accum. Depreciation N-T kindly explain me which code should I use for Purchase ? Another question is I just create the depreciation account as you suggest but I don't know how their accountant do the deprecation . Is it alright if I didn't touch the depreciation and at the end accountant handle as he want to do it. Because I am doing their backlog and as well as working for current financial year but I have not any idea about depreciation. Also if you can explain me how 2-2105 Unexpired Interest on ABC Loan account will reconcile at the end? Warm Regards Sally64KViews2likes0Comments