Vehicle on Minimum Term Lease Agreement - Wrong nominal

Support
1

I am a sole trader and have a van on a minimum term lease agreement.

I have been posting monthly payments to 0050 Motor Vehicles but now believe this to be incorrect as it does not appear in my P&L.

Could someone please give me some guidance on this?

Thanks in advance!

2

Select all entries on 0050 code and click on move to new code and dump into 7401 Car and Van Hire

3

Thanks for the prompt response. That’s great news for me.

As a follow up, I misposted this in last years accounts. Is there any way I can remedy this now??

Thanks again

4

Use journal entry instead then date this year

Dr 7401
cr 0050