Best way to record a new motor vehicle purchase?

Question

Hi all, I'm using 2024 Reckon Accounts Desktop. Can you please give me some guidance on the best way to enter the purchase of a new motor vehicle and the finance contract please.

Should I enter the tax invoice for the vehicle as a bill or make a journal entry for the purchase? How should the finance contract be entered.

Sorry, I'm always a bit confused when it comes to recording motor vehicle purchases with finance.

Kris_Williams · Accepted Answer

I can help you with this if you would like to call me 0415 940843

Denise Durant · Accepted Answer

Thanks Kris, I will give you a call today

Denise Durant · Accepted Answer

Many thanks for your help today Kris, you explained the process fully and I really appreciated it (and on a weekend too!)

Denise