Hire Purchase entry

Accounting
1

Hi,

Can you anyone tell me how to enter Hire Purchase in Qucikfile So the full VAT is entered in the initial deposit please.

thanks
Chin

2

The usual way to enter vat that comes to more than 20% of the net is to enter one line at 20% vat for the full amount to get the vat right, then add a second negative line at 0% vat to bring the net down to where it should be.

3

Have a search for ‘VAT only invoice’ for a guide.