Hi i have a question please, We just purchased a car under the bussiness i dont know where to enter it under

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Photo of Lane Saipaia

Lane Saipaia

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Posted 1 year ago

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Kevin Russell, Accredited Partner

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You do realize this forum is for Hosted. The people here aren't usually Accountants. It's not a simple question. Who paid for it? How did you pay for it? Where did you purchase it? Is it new? On 2nd thoughts, do you have an Accountant? It might be better to have the discussion with her. 
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Brendon Gardiner, Accredited Partner

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Hi Lane

Generally a purchase of a Car would be posted to a fixed Asset Account called motor vehicles.    If the car is purchased by Hire Purchase then the other side would be under a liability account called Hire Purchase.    Kevin is right that this a question for your accountant.    If you need some more detailed advice regarding this, I would be happy to help you.     You can contact me on 0413 334 905 or brendong@versatileaccounting.com.au

Regards

Brendon Gardiner
Versatile Accounting
AlwAus seek advice from your engaged acccountant
They hold PI and PPC i
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Brendon Gardiner, Accredited Partner

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Thats Correct Chandra and we hold PI and a public Practice Certificate and are a registered Tax Agent!    
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Kevin Russell, Accredited Partner

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Brendon that is EXTREMELY general. This is NOT the place for accounting advice. Chandra, spot on - as usual. Lane you need to consult your own accountant This not the place for free accounting advice. And as the axiom states any advice you get here would be worth exactly what you paid for it. I have professional indemnity insurance as I am required by law. It doesn't mean I consult Doctor Google when I am sick.
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