HP entry

[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