Purchase an computer

Jose Batres
Jose Batres Member Posts: 5 Reckoner Reckoner
edited December 2024 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?).

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 4,197 Reckon Hall of Famer Reckon Hall of Famer
    edited May 2020
    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 Novice Member Novice Member
    edited November 2019
    You would need to get an invoice in the name of the company to claim the gst, then pay back via your loan account
  • Zappy
    Zappy Accredited Partner Posts: 5,225 Accredited Partner Accredited Partner
    edited May 2020
    Why don't you enter the computer purchase as a bill and pay the bill monthly with the cash received?
  • Zappy
    Zappy Accredited Partner Posts: 5,225 Accredited Partner Accredited Partner
    edited November 2019
    Good point Tim. Well spotted
  • Kris_Williams
    Kris_Williams Member Posts: 4,197 Reckon Hall of Famer Reckon Hall of Famer
    edited November 2019
    But if you’re on cash basis you’ll only be able to claim the GST as you go instead of upfront
  • Zappy
    Zappy Accredited Partner Posts: 5,225 Accredited Partner Accredited Partner
    edited November 2019
    Not applicable here though is it.
  • Kris_Williams
    Kris_Williams Member Posts: 4,197 Reckon Hall of Famer Reckon Hall of Famer
    edited November 2019
    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: 50 Novice Member Novice Member
    edited December 2019
    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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