Purchase Van - Fixed Asset

Question asked by Stephen Clark 3 days ago

Hi, I've bought a business van for £38,280 and traded in a personal car for £11,000. How do I record this so the VAT is accounted for correctly? I paid a £500 deposit and £26,780 on collection. How does the bank reconcile? We tried creating a journal that successfully applied the VAT to the VAT return, but the bank feed can't reconcile.

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Hi Stephen,

In this case, you must head to Dashboard > Expenses > Create bill > Input the details of the purchase for the van.

Once completed, you can then explain the deposit and payment from the bank statement and allocate this to the bill. Then, for the part exchange of your personal car, you must head back into the bill, scroll down and use the Record Payment form selecting the Owner's Funds account.

Tommy

Best answer
18 hours ago

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