Please bear with me as I'm new to this,

Right needed a new car for my business, don't usually do HP as I find it easier to obtain a bank loan and pay cash for a purchase of that amount and usually can get a discount for cash from several dealers.

Anyway this is what happened Bank loan for (example)  £14000.00 paid into my bank account, the bank set up a separate loan account from which they transferred the cash from

Purchased Car for (example)           £11999.00

Documentation fee of (example)            £99.00

Total Purchase Price (example)         £12098.00

Balance of Loan                                 £1902.00

As I am self employed/Sole trader I am not registered for VAT and so the VAT element is included in the cost

Now I know the nominal codes are

050 Motor Vehicle costs

2300 Hire Purchase/Loan

7340 Miscellaneous Vehicle Expenses

My question is do I set up the dealer as a supplier with nominal code 050  for the car, nominal code 7340 as Miscellaneous Vehicle Expenses and transfer the Total Purchase Price from the bank to Nominal code 2300

Many Thanks for your patience and any constructive advice would be most welcome