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I have two questions:
1. We bought a truck and paid the GST to the seller; I entered that with the purchase price as a capital purchase. Then we paid the PST to SGI. How do I record that?
2. We bought a grain trailer and wrote a cheque with a deposit. A week or so later we paid the rest owed. How is this entered?
A screenshot of the transactions would be great. I am still using version 2014-03, if that makes a difference.
Hi Bette!
I emailed you the screenshots you requested, but for the sake of everyone else, here is the answer to your two questions:
1) The PST paid separately on the truck purchase will be listed as its own capital asset purchase. You will do a withdrawal from your bank account, and use the same class that you used for your original purchase (in this case, class 10). When you do the description of the asset, note that it is the PST paid on the purchase of the truck.
2) When you enter the deposit, do a withdrawal from the bank account, and class it as an asset purchase (A+). Code the item to Prepaid Items, and record the transaction. When you go and pay for the remaining amount, do another withdrawal for the amount you wrote your cheque for. The transaction will have 2 lines. The first will be a capital asset purchase (C+) to the class necessary. When you set up the capital asset, make sure to set the original cost to the actual purchase price - it should be higher than what the cheque was written for. The second line will then be an asset sale (A-) to prepaid items. This should fill in the amount of your deposit, and "apply" the deposit to the purchase of the trailer.
I hope this helped!