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”?
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.