Purchase a Capital Asset Under Finance

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There may be times where the business purchases a capital asset, such as a vehicle, and takes out finance to pay for it. The setup to reflect this in Jim2 is as follows:

 

Info

It is suggested to discuss asset purchases with the company's accountant prior to recording in Jim2.

 

hmtoggle_arrow1Set up general ledger accounts

 

hmtoggle_arrow1Add vendors

 

hmtoggle_arrow1Record the Purchase

 

hmtoggle_arrow1Record the unexpired interest

 

hmtoggle_arrow1Record monthly repayments and monthly interest expense

 

Info

If not all the information is available, or how to record the interest is unclear, it is suggested to discuss this with the company's accountant before recording the payments.

 

Further information

Accounts Security

Account Inquiry

Clear the Historical Balancing Account

Credit Cards

Creditors

Debtors

Advanced Creditors

Suggested End Of Month Procedures

End of Financial Year

Enter a Capital Asset

Enter Child Support Payments

Enter Government Support Payments

General Journals

General Ledger

GST Sessions and the BAS

Handle Paypal (and Similar)

Multicurrency Revaluations

Record Debtors/Creditors Contras

Rounding Issues

Sell a Company Asset

Set up a Loan Account

ATO Reportable Sub-Contractor Payments

Share Utility Expenses with other Businesses

Transaction Journal

Understanding Debits and Credits

Use Debtors and Creditors Adjustments

Recover Bad Debts

Withhold Tax

Write off a Bad Debt

Write off Fixed Asset

Work with Tax Codes in Jim2