HP entry

[mshakesheff]

Hi, I need someone to explain to me in simple steps how to do HP entry. I’m doing my bookkeeping on regular basis but this is new to me and my accountant doesn’t want to advise on how to do it unless I pay day rate.
I have transport company. Just purchased a truck cost £35,500 +Vat. I took finance on it for 36 months with full vat deposit £7.100. Finance charge is 4.856+295 admin fee.
How can I put it in?

[QFSteve]

Hello @mshakesheff

There are numerous posts on the forum on Hire Purchase postings, I have linked a few below for you.

Hire purchase steps please

Please help with some simple steps how to do this, as I am very confused by the various options in previous posts! A new van has been purchased @ £20k list price. £7k deposit paid from bank, balance is due via hire purchase. The accountant has suggested I set the full HP amount (£23k, so includes £3k interest) up as a loan. Therefore being able to tag the full value of the purchase to clear the invoice (tagged as motor vehicle). I have done this, but now need to identify the HP interest (£3k …

Hire purchase and claiming input

Cash accounting. Van purchased on hire purchase for £24k with £5k deposit paid through bank. No supplier or purchase invoice raised as I’ve entered the van addition via journals. However, input vat and net cost does not show in boxes 4 & 7. I assume QF can’t pick -up entries on the vat return through journals then ? What’s the best way to ensure the correct amounts are shown in boxes 4 & 7 to reflect the transactions ?

Purchase of asset on finance

I am a sole trader and purchasing a tractor on finance. I am vat registered on cash accounting. I have to pay the vat up front then pay the balance by instalments. Can you please advise how to do the various transactions on quickfile Thank you in advance