Entering HP

[flauntys]

Doesn’t seem to be any guid on entering HP agreements. Every other accounting system has help on this matter and step by step examples but QF have no help whatsoever. Can anyone help with how to enter HP and HP interest.

[Spike]

I’ve just done a quick search for you. Do any of these help?

Hire purchase steps please

Paul’s suggestion was to create a custom nominal to represent the interest only. I think what you should maybe have done is: purchase invoice for £20k (not 23k) 7k deposit is a part payment against that purchase create a loan account to represent the HP element pay off the rest of the purchase from the loan account, leaving the purchase fully paid up and the loan account £13k overdrawn Now create a nominal in the overheads section to represent the cost of the interest. Your accountant’s i…

Buying new van on hp

Van costs £10,000 + VAT for eg . I have paid the VAT upfront but have the van on HP payments over 4 years . Do i just account for this like a normal purchase and then each month log a payment against

[flauntys]

Unfortunately not. QuickFile seems to be the only accounting program that’s unable to supply a step by step guide explaining how to enter these payments. I need to separate the hp payments the interest and the vat. There’s absolutely no help on the QF knowledge base what so ever.

Message sent from my mobile, please excuse brevity and grammer.

[Spike]

Sorry they didn’t help. I did find another post from Glenn and Ian which may help. It’s here Hire purchase and claiming input - #6 by ian_roberts

My understanding is and bear in mind I’m far from an accountant, would be to set it up like you would a loan account. There are guides on that in the support articles. But I think Ian’s post should cover it. I don’t think Ian is an accountant but I’m sure he’d be able to offer some advice if needed.

The other thing to do is to perhaps share what you already know from other accounting systems and someone can translate it to quickfile terms? Other than that the support team will likely answer on Monday and may even be able to get a guide done as I’m sure it’ll be helpful.

[flauntys]

I can see from the forums that multiple people are having difficulty with QF on this matter. Surely QF should look into this and find a solution. I’m considering migrating to another system as without been able to enter HP HP interest and vat separately QF are unable to allow me to run my accounting system.
I won’t to use the rule of 78 to reclaim my interest but it looks like it’s impossible with QF.

Message sent from my mobile, please excuse brevity and grammer.