Hire Purchase in Sage Query
I am working on the vat for a farmer who has purchased a new mower in the last quarter. The cost of the mower is £8750 + vat of £1750 coming to a total of £10500. He paid 3 amounts toward the mower at the start of January - cash deposit of £1071, a trade in of £4080 - an admin fee of £50 ( not included in the HP amount) and the first of 3 annual payment of £1783, leaving an outstanding balance to be paid of £3566. The HP balance is £5349 ( £1783 x 3 payments) Can anyone tell me how to post in sage? Usually the deposit covers the vat but in this instance the deposit is less than the vat. Normally I would set up a journal for the £8750 on a T1 to Additions and T9 the £ 8750 to the HP and deduce the HP by the payments from the bank. All help appreciated - thanks!
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