What account do I enter PST paid to SGI for used semi-truck purchase at the time of paying registration?
Aucune description indiquée
Ryan Kirk
21 juil. 2025
Hi there,
The PST needs to be added to the cost of the vehicle so you will need two transactions. For the transaction where you have purchased the semi-truck, you need to increase the Capital Asset purchase (A+) line by the amount of the PST and also add an Asset sale (A-) line selecting your Prepaid Items account. The A- line will be the amount of PST you paid. The second transaction will be the transaction when you paid the PST. In that transaction you will need a line for an Asset purchase (A+) selecting the same Prepaid items account from the other transaction. This line will also be the amount you paid in PST. The reason for using this Pre paid Items account is because you can't adjust a capital asset in two different transactions, so you need a bridge account to deal with it.
Hi there,
The PST needs to be added to the cost of the vehicle so you will need two transactions. For the transaction where you have purchased the semi-truck, you need to increase the Capital Asset purchase (A+) line by the amount of the PST and also add an Asset sale (A-) line selecting your Prepaid Items account. The A- line will be the amount of PST you paid. The second transaction will be the transaction when you paid the PST. In that transaction you will need a line for an Asset purchase (A+) selecting the same Prepaid items account from the other transaction. This line will also be the amount you paid in PST. The reason for using this Pre paid Items account is because you can't adjust a capital asset in two different transactions, so you need a bridge account to deal with it.