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Adding Capital Assets
Hi
Let's say I buy a car on hire purchase, and add this as a capital asset to my business (I'm a sole trader). Let's also say that the direct debit comes out of my sole trader business account every month. What's the best way of getting FAC to handle this? I can obviously add the payments every month, but if I want the "Income" tab to give me a pretty accurate reflection of my tax liability, then where do I put the capital asset?
TIA
Phil
Let's say I buy a car on hire purchase, and add this as a capital asset to my business (I'm a sole trader). Let's also say that the direct debit comes out of my sole trader business account every month. What's the best way of getting FAC to handle this? I can obviously add the payments every month, but if I want the "Income" tab to give me a pretty accurate reflection of my tax liability, then where do I put the capital asset?
TIA
Phil
I’m puzzled
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Inappropriate?Phil,
We're just discussing with our tame accountants the most streamlined way of doing this, and we'll keep you posted... -
Inappropriate?Any progress on this? -
Inappropriate?I have what I *think* is a similar situation:
I purchased some computer hardware which I consider a capital asset, but it was split over several transactions, as I purchased the components on different dates.
Is there a way (or need?) to combine these transactions into 1 capital asset? -
Inappropriate?Toby,
Sorry, we don't. It's probably a fairly unusual situation but we'll bear it in mind as we improve our accounting engine...
(and Phil we really haven't forgotten you - it's best to create a new 'bank account' to represent that HP account and purchase the item from there, making the repayments as transfers from your business account...soon we'll support real Loan and HP accounts...)
EMPLOYEE
