Entering a Fixed Asset
Comments
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Hi Sandra,
Did you purchase the trailer in full or is there finance?
Do you have an invoice which shows you whether there is GST charged or not?
Also, whether it is a capital (fixed asset) purchase or an expense (instantly depreciated) depends on the size of your business - so you may need to check with your accountant or here is a link to the ATO website:
Based on the above answers will determine answering your question.
Kind regards,
Sally McIntosh (Sally@samsolutions.com.au)
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Hi Sally the trailer was purchased in full no finance. I have an invoice and there was GST charged.
Also cant seem to get the first link to work
thanks Sandra
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Hi Sandra,
Here is the link again:
Or if you google Simplified depreciation rules ATO it is the first link.
As purchased in full, you can just either enter a bill and then pay the bill, or write a "cheque" out of your bank account.
In relation to the account to use, that does depend on the value of the trailer as per the mentioned links.
It will either be a fixed asset to be depreciated with a CAG tax code, or an instant expense with an NCG tax code.
Feel free to email me directly for a document on using tax codes in Reckon.
Kind regards,
Sally McIntosh (Sally@samsolutions.com.au)
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