Hi Brucanna and thank you for your response. I was just editing my question when you replied!
I’m a bit of a newbie here so I’m not sure when to expense vs capitalise but will assume that what you suggested is the best course of action. Does the following initial journal entry look right to you?
I’ve only allocated GST to purchase price and deposit. Is that correct?
As an aside any idea what’s up with the weird rounding issue?