Posting VAT as a journal

[QFSteve]

Hello @Lucy3

There are several ways to record this depending on the scenario.

I found the below threads in the forum which may help

New Vehicle (Company Car) Asset Entries

Our company has purchased a vehicle , partly financed from cash at bank and part from a Hire Purchase agreement (24 months) Having not used nominal ledgers in QF before, please can you explain how to enter the asset , the HP credit and the HP payments?

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…

Van purchased - monthly payments, how best to record this

Good afternoon, I bought a van this week through finance. I paid an initial payment of £3000 which was the VAT on the invoice and the rest I will be paying off through a finance loan. Is the best way to record this as a purchase for the full amount and then set up a bank account for the finance agreement and tag the bank transactions to this every month. Any help and advise is much appreciated