sammyspijkerman-

Question

Deduction over few years

Forum|Forum|5 years ago
March 25, 2021
1 reply
0 views

Let's say I bought an E-bike for 3000 euros. According to the Dutch government, I cant deduct the whole amount all at once but have to do it over 5 years. So 600 euros per year. I also get 21% vat back but that's immediate. How do I register this in my QB Online?

QuickBooks Online - International

Hi, sammyspijkerman

01. First step is to create an Asset using the bill/expenses screen

02. Depreciate the asset by posting journal entries

Debit Depreciation 600

Credit Accumulated depreciation 600

03. for VAT Refund

Post a journal entry

Debit Cash/Bank

Credit VAT Suspense account

Feel free to contact me for any clarifications.

sammyspijkerman-Author

Could you do this for me?

Let me help you from here, Sammyspijkerman-.

First, we'll have to create an asset account as Rajanikanth shared. Here's how:

Click to Accounting.
Go to the Chart of Accounts tab.
Click New.
Select the Account Type and Detail Type.
Enter the desired name, then click Save and Close.

Next, we'll have to create a bill or expense and add the asset account.

Once done, you can create journal entries and follow the accounts shared by Rajanikanth for the asset depreciation process.

Feel free to let us know if you have other concerns. The Community is available 24/7 to assist you. Take care!