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Status Answered
Created by AgExpert Support
Created on Apr 30, 2016

Disqus Agexpert Accounting Questions Archive

When setting up a loan for my new truck how do I claim the HST?

  • ADMIN RESPONSE
    Feb 10, 2025

    Hi Rebecca. The HST on the truck purchase will be part of the capital asset side of the entry rather than the loan side. If you've created your loan account then your next step will be to enter the capital asset purchase. Let's use an example where I paid $1000, and got a loan for $10300 to purchase a capital asset for $11300 (1300 HST included).
    I'll enter a withdrawal for $1000 then enter my L+ line to record the new loan for $10300, then I'll enter a second line as C+ for my new truck. In the capital asset window I would need to put in 10000 for my Original Cost field and then enter 1300 in the HST field.
    This would give me a balanced transaction that I can record. Bank, Asset List and Loan report updated all in one.
    Hope that helps!

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