Record Purchase Of A Vehicle

34 Results For Record Purchase Of A Vehicle

How to record New Car Purchase

Purchased a new car for the business back in June. I need to enter it in to MYOB but I'm not sure where. The car is over the LCT and I'm paying it off in monthly installments. There was also a trade in. I've tried putting it in as a general journal entry, but as you need to balance it out to record

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 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…

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…

Disposal of Asset - Motor Vehicle

…AccountRight Plus to record the following situation: On February 2012 one motor vehicle was purchased by the company. The company paid cash of $38,248.80 (inc GST) for that motor vehicle, plus the company also traded in an older vehicle and that was valued at $17,000. This new motor vehicle asset was entered…

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…

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…

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)

How to record personal assets that are now assets to the business

…(Ute) to run the business. I purchased the car in 2011 (3 years before I started my business). I would like this personal asset to be a business asset and need to know how to record this in MYOB. I have done a bit of research and found that the car needs to be recorded at market value, not cost value…

Personal and Business transactions from same bank account

…My partner only has the one account for personal and business transactions, he is a sole trader. He only has the one vehicle and uses the vehicle 90% for business. How do i record personal expenses? I.e. food, rent and so on?

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