Here is the Situation.
I just started a distribution(confectionary wholesale) business. I purchased a van for $36,500 plus HST of $ 5475.00 for a total of $41,975.00
My monthly payments are $318.00 per month
How do I enter this into QuickBooks (I am thinking a fixed asset account, but I am not sure of how to do this) I also want to be able to show the HST paid for my HST return. I also want to be able to enter in the monthly payments.
Also finally, how about the deprecation on the van, how would I set this up in QuickBooks?
Thanks,
JP