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33 Results For Record Purchase Of A Vehicle

Record Purchase Of A Vehicle

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Recording a vehicle purchase with finance - how to?

purchased a new truck for the business and the deal was done with a trade in of the old (financed) and purchase of new (also under finance). While I have created the asset account and long term liability I think I've made an error as the GST needs to be recorded for both the sale of old and purchase

Company purchasing a car

Hi everyone, I have an urgent issue for purchasing a car. First of all, my question is if I need an invoice to record such a transaction because I just have "Offer to Purchase" on hand now. Secondly, on the "Offer to Purchase", it says: Vehicle Price: $128,136.01 Business Registration Fee $685 Registered…

Purchase of vehicle

I would like to lease a new utility. As my company does not yet have a track record of earnings, it will be easier to purchase in my own name. For tax purposes, can I then charge the company for the use of the vehicle (ie to claim depreciation, interest, expenses etc etc)

Novice MYOB user needs helps showing purchase of Truck - URGENT

I have been using MYOB for a number of years purely as a sole trader just to record quotes, invoices for tax and monthly GST - so my knowledge is limited. Right I have purchased a truck for $50,000 - following breakdown cost 43,036.14 ex 4303.61 gst stamp 1659 n/t rego 293.15 n/t ctp 708.10 n/t I paid…

Purchase of vehicle with trade-in under finance, pay out of finance and new finance

I have a client who has purchased a vehicle under finance. He traded in a vehicle that was also under finance. The dealer paid the finance out of the trade-in. The invoice reads as follows: Purchase $75,900.00 Less trade in $51,000.00 Less GST on trade in $5,100.00 Plus pay out on trade-in $51,228.59…

Recording stamp duty of new car

Hi there, We have recently purchased a new company car and I have used Spend money to enter it as: 2-3000 CarLoanAcct to Personal Lender card total amount 33,960.00 then listed the following: 1-3000 Motor Vehicle Cost $32,480.00 6-4000 MV - Reg & Insurance 815.00 - this is the stamp duty but do I need…

Best way to record asset purchases under $6500???

…assets that I have purchased throughout the year are put into this account as they are 100% tax deductible. However I'm not sure if this is the best way to deal with these purchases - some of these purchase are only $200 or so - but others are bigger like a second hand vehicle for $4000. Should I be…

Journal entry help re purchase of new vehicle with trade-in of old vehicle

Old vehicle is shown in motor vehicle asset account at cost $9,244 incl GST Old vehicle was traded-in for $5,400 incl GST New vehicle cost 9,900 incl GST to buy This was paid for from the trade-in of $5,400 plus $4,500 in cash How do I best record thes transactions (including the loss on the sale of…

Vehicle Purchase - partially used for business - how to record as an asset and depreciate

…I record this to claim part of GST in current BAS and depreciate by 15% (small business rules apply) for this financial year? Purchase cost ex GST: $16340.27 GST: $ 1634.03 Reg Fee: 450.10 Stamp duty: 440.60 Drive Away including GST: 18865.00 Less trade in: $8000 (trade in car was private vehicle not…

Vehicle Purchase - partially used for business - how to record as an asset and depreciate

…I record this to claim part of GST in current BAS and depreciate by 15% (small business rules apply) for this financial year? Purchase cost ex GST: $16340.27 GST: $ 1634.03 Reg Fee: 450.10 Stamp duty: 440.60 Drive Away including GST: 18865.00 Less trade in: $8000 (trade in car was private vehicle not…

Loan repayments recording

Hi I am trying to record the loan repayments for company leased vehicles. Shall I record the principal repayment and interest expense separately? As later I will also keep the books for the loan repayment for mortgaged warehouse. I am just wondering since normally these repayments has a variable principals…

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