Deduction over few years

sammyspijkerman- · ‎March 25, 2021

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?

Rajanikanth · ‎March 31, 2021

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- · ‎April 27, 2021

Could you do this for me?

Kristine Mae · ‎April 27, 2021

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!