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

Hello @Mary123

I found this in the forum which may help


It sounds like you would like to create a VAT-only purchase invoice for the up-front payment, followed by regular purchase invoices for the remaining payments.

Forum member @ian_roberts explains how to create a VAT only invoice in one of his posts. His example might help you:

You could swap out the £2,440 from the example and replace it with the price of the tractor to show VAT payable. Then deduct the price of the tractor in the line below, as in the example.

The full forum post is at this link:

Hope this helps :slight_smile:

Hi Darren

Thank you that makes sense for the vat part.
How do I deal with the net purchase of the asset as this is on a finance agreement and would need to go to the fixed assets

Thank you

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