Laptop/Equipment rental

Hi, Really appreciate if someone can help on this.

I am a sole trader, not VAT registered.

I have a laptop which is effectively on hire from Rentsmart/PC World. (Pay monthly, exchange for new or purchase outright at end of term for small amount.)

Is the easiest way to deal with these payments as a bank tag, transaction “something else not on the list” and record as “equipment hire 7700”?

Thanks in advance

I think these would be recorded in the same way as a loan. Someone from support or your accountant may be able to help.

I know when I bought stuff in the past on credit it was a new bank account with a negative balance and just tagging the payments against that.

Hi @Adrian777

Do you have an agreement in place with Rentsmart/PC World, and if so, is it in the name of the business?

As @Spike mentioned, you can set this up as a loan if it’s for the business, where you would have a bank account on QuickFile representing the outstanding balance. There’s more details on this here: Managing credit cards in QuickFile

I’m not an accountant however, so it’s worth double-checking with yours to be sure this is recorded correctly.

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