Im stuck on a transaction and how to record it into MYOB Account Right Plus, it reads as follows:
12/3 Purchase a vehicle for the business for $44,000 including GST, with useful life of 5 years and residual value $10,000. To fund the purchase the bank took out a new motor vehicle loan account and the bank paid this amount directly to the vendor.
Need to know:
How to record and where in MYOB
What to record (depreciation done at end of month)
There is no repayment info given in regards to the loan
THIS IS URGENT, PLEASE HELP.
Thank you in advance!
12/3 Purchase a vehicle for the business for $44,000 including GST, with useful life of 5 years and residual value $10,000. To fund the purchase the bank took out a new motor vehicle loan account and the bank paid this amount directly to the vendor.
Need to know:
How to record and where in MYOB
What to record (depreciation done at end of month)
There is no repayment info given in regards to the loan
THIS IS URGENT, PLEASE HELP.
Thank you in advance!