Hi
I've read a few posts on here about setting up a new car purchase and I'm still confused!
I have set up a long term liability account for the purchase of the car with an opening balance of 55991 (total cost of the car)
Do I record repayments against this account in spend money?
Also how do I record the total GST, do I create a new credit account and put in the total cost of the car in fixed assets as a capital expense.
The finance company was through the dealer so no money was given to me.
Can anyone help please
I've read a few posts on here about setting up a new car purchase and I'm still confused!
I have set up a long term liability account for the purchase of the car with an opening balance of 55991 (total cost of the car)
Do I record repayments against this account in spend money?
Also how do I record the total GST, do I create a new credit account and put in the total cost of the car in fixed assets as a capital expense.
The finance company was through the dealer so no money was given to me.
Can anyone help please