Fixed assets

Hi, question about fixed assets.
van was bought for £10,000 ( 4 years loan). £2,000 deposit was paid by card.
How to post in sage 50.
0050 -motor vehicle debit
1200- bank acc
8003- vehicle depreciation (every month for 4 year)
Did I forget something.

Thank you for help ;)

Answers

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,426
    Purchase would work as follows

    Add a purchase invoice for £10000 and deal with any VAT
    Allocate £2000 deposit from bank against invoice
    Clear invoice balance with 1 of 2 methods
    1 - Add a 'loan' bank account and clear using this.
    2 - Use the petty cash account to clear the invoice and then a bank receipt from the loan N/C to create the loan
    As you post depreciation you need a recurring jounral each month which should debit 8003 and credit 0051 Motor Vehicle Deprecation (might be wrong as it's quite some time since I've used Sage - Times have moved on :smirk:
    Regards,

    Burg
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,356
    You will also need to post the interest on the loan - what kind of loan is it?
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