Just received a brand new company truck factory ordered from Ford and have a few questions:
I made a $1,000 down payment in August 2015. Ford didn't have my truck in stock and would build a brand new truck for me in the winter of 2015 (for a new 2016 truck). My corporation's year end is December 31st. I did not receive the truck until January 16, 2016. When I picked up the truck that day, I (the company) paid an additional $5,000 down payment, and Ford also gave me another $1,000 manufacturer rebate. That works out to a $7,000 down payment ($1,000 from August 2015 and $5,000 + $1,000 rebate in January 2016).
The total cost of the truck was $58,006.16 (which includes $2,587.44 in GST and $3,622.42 in PST). Minus the $7,000 down payment, leaves a total amount financed of $51,006.16; payments are $457.20 paid biweekly for 60 months (130 payments).
So, how do I input and/or account for that initial $1,000 down payment I made in August 2015 (last year's tax year)? I did not pickup the truck until January 2016 (this tax year) at which time I made the additional down payment? Do I include any of the GST on that initial $1,000 down payment made in 2015 tax year?
Also, I have no clue how to input the actual purchase of the truck and financing into quickbooks either.
Any advice would be greatly appreciated! Thank you
