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September 7, 2021
Question

How do I record asset purchase paid on a monthly basis for 24 months?

  • September 7, 2021
  • 1 reply
  • 0 views
Purchased 3 cell phones from Bell that is financed to be paid over 24 months. Do I record the GST monthly or do I include it with my first initial payment?

1 reply

September 7, 2021

Hi there,

 

Recording your transactions the right way is a good exercise for keeping your books accurate. I'll be glad to steer you in the right direction so you can focus on doing the things you enjoy. 

 

To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the asset purchase. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

 

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to help.