Purchase an computer

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Jose Batres
Jose Batres Member Posts: 5 ✭
edited May 2020 in Reckon One
 I've purchased a computer using my own money (as a loan for the company) the company will pay me back monthly how can I claim the GST, from which account I have to pay to be able to claim the GST and which account do I have to use to pay the loan (eg. Director's loan account?).

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  • Kris_Williams
    Kris_Williams Member Posts: 3,301 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    I would simply do a journal debiting the asset account or expense account depending on your accountant's advice, with the full cost of the computer incl GST, and a credit to your loan account (a liabilitiy). Every month when you pay it back to yourself the payment goes against the loan account until it's paid off and the full GST is claimed on the BAS
  • Tim Masters_10351691
    Tim Masters_10351691 Member Posts: 2 ✭
    edited November 2019
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    You would need to get an invoice in the name of the company to claim the gst, then pay back via your loan account
  • Kris_Williams
    Kris_Williams Member Posts: 3,301 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited November 2019
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    But if you’re on cash basis you’ll only be able to claim the GST as you go instead of upfront
  • Kris_Williams
    Kris_Williams Member Posts: 3,301 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited November 2019
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    It will make a difference to how much will be claimed, all up front or as the bill is paid off, would be applicable to me
  • LyndaC
    LyndaC Member Posts: 53 ✭
    edited December 2019
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    Your correct Kris, as it will make a difference.  The lap top can be claimed even if the invoice is not in the business name as it is an incidental cost and would be deductible otherwise. 

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