QB Issue Resolution:
I can not help with HST, you will need to contact a Canadian cpa for how that is accounted for when buying a fixed asset, but the basic accounting for the vehicle
in the chart of accounts, create some new accounts
fixed asset type,
>> accumulated depreciation vehicle name/ID
the purchase price is posted to the cost sub account
and create an expense account for accumulated depreciation, you only need one of these
as the years go by and you post accumulated depreciation to that sub account, the parent account will act as a summing account showing book value for the fixed asset
Resolution for Issue 'My company purchased a new vehicle which is being financed need to now what accounts to set up and how to set them up' available: Yes (Solved).
Source: Intuit Community forum.
My company purchased a new vehicle which is being financed need to now what accounts to set up and how to set them up: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Canadian cpa
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Error Recovery for Canadian cpa [Canada]
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