Two companies I work for have purchased new vehicles. One uses Sage, the other QuickBooks. They have paid deposits and the rest is on finance. It's been a long time since I've had to post anything like this (10+ years).
Where do I post the deposits and how do I set up the finance on both Sage and QBs. What journals do I need to make so things are showing correctly on P&L and Balance sheet.
I think I may have answered my own question but please can you tell me if I'm wrong:-
I post the invoice to Motor Vehicles - Expense (VAT obviously goes to VAT liability)
Then set up a current liability/loan account for finance, then post payment/journal from that to invoice. Then bank payments get posted to current liability ???
