1.On the ribbon, go to Accounts > General Ledger > Asset and locate a relevant general ledger account for the capital asset. Ensure that it is ticked as an Expense PO Account with a default tax code of C.
If there is not a suitable asset account, add a new one.
2.On the ribbon, go to Accounts > General Ledger > Liability and add a new general ledger account for the finance/loan in the 2-Liability tab under the Long Term Liabilities section.
Select Type = Detailed Credit Card Postable (to do bank reconciliations on this account) with the default tax code set to X (no GST on payments to the account).
3.On the ribbon, go to Accounts > General Ledger > Liability, and add a new general ledger account for the unexpired interest for the finance/loan under the Long Term Liabilities section.
Select Type = Detail Account, with the default tax code set to X (no GST on transactions to the account).
4.On the ribbon, go to Accounts > General Ledger > Expense, and add a new general ledger account for the interest on the finance/loan.
Select Type = Detail Account, with a default tax code of X (no GST transactions to the account).
Close the general ledger.
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