Hi all, I am a newbie and have been running my small business for nearly a year now. My accountant suggeseted I use sage as she does and it would be easier. So I am learning as i go but every now and again i run into problems. usually the ones where I am confused as to where to correctly put certain entries. This is one of them. Way back last Nov I bought a van for the business. But the van broke down and it was not viable to repair it so it was scrapped and I used money from the business to purchase another van this year. How would I record this scrapped vehicle and the replacment in my accounts? Many thanks
Johno
Sage Line 50 V 1.6 2009
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ENTRY IN SAGE
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johnopaulo
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- Joined: 15 Nov 2011, 23:25
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brucedenney
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- Sage Version: v30 UK/Europe/Africa
Re: ENTRY IN SAGE
How you treat it is down to accounting policy, the type of business, are you Ltd or LLP or Partnership and so on.
You need to ask your accountant how it should be dealt with.
Once you know that we can help you do the right postings.
If you don't yet have an accountant, then I think the best thing would to be clear about what has happened.
Some like to keep separate accounts for purchases and disposal, others roll it all together.
You should have 2 transactions:-
The sale of the scrapped vehicle. A Bank receipt against the capital account for vehicles (00XX)
The purchase of the new vehicle. A Bank Payment against the capital account for vehicles (00XX)
You need to ask your accountant how it should be dealt with.
Once you know that we can help you do the right postings.
If you don't yet have an accountant, then I think the best thing would to be clear about what has happened.
Some like to keep separate accounts for purchases and disposal, others roll it all together.
You should have 2 transactions:-
The sale of the scrapped vehicle. A Bank receipt against the capital account for vehicles (00XX)
The purchase of the new vehicle. A Bank Payment against the capital account for vehicles (00XX)
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