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Hi, I need some help with a transaction. We recently purchased a combine and financed it through the combine company. We also received a $5000.00 credit from the dealership for parts as there was some work to be done that we were doing ourselves. I have the capital purchase of the combine and the loan set up. My problem is trying to post the credit that we received from the dealership, we purchase parts from this dealership all the time and the purchase is immediately applied to our mastercard. Is there a way I can set up an opening balance? We have just about used all of the $5000.00 credit and I would like to get it into the books before our next GST return.
I hope this makes sense - thanks for your help!
Hello Sandra, do you have the dealership set up as a payable? If so you could do a payable charge to the dealership for -5,000 in the Total as well as a negative expense. Once you start entering transactions you can use that $5,000 to go against future expenses. If that is not the case please give us a call at 1-800-667-7893 so that we can work through it over the phone.