Capital Purchases and Finance in AccountRight
HOW TO RECORD CAPITAL PURCHASES AND FINANCE IN ACCOUNTRIGHT There are many finance options available to purchase capital equipment. Commonly used in Australia are: chattel mortgages: ownersh...
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You should move the money from the loan account to the balloon account as at the date of the loan so that loan account is representative of the amount still payable on the loan.It will not be exactly the amount payable as your accountant should do the adjustment to the interest when he finalises the accounts at year end.
The deposit paid, then refunded should be paid back to account that it came from. Either your trading account/Credit card or personal funds. Personal funds are generally represented on the chart of accounts as Directors Loan or Directors current account.
Ron
