Asset Finance, Accounting for

Hi Everyone,
Having some trouble working out how to account for some asset finance my company has used
Currently we have received the money in the bank - Post this to?
I haven't done any journals as of yet as i am confused how to process all this
Do i need a supplier acc? New HP Nom Code?
Having some trouble working out how to account for some asset finance my company has used
Currently we have received the money in the bank - Post this to?
I haven't done any journals as of yet as i am confused how to process all this
Do i need a supplier acc? New HP Nom Code?
Level 4 AAT Complete (MAAT)
0
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Do i need to post the invoice to the Supplier Acc with the Hp Asset Nom code?
By doing so this puts a Dr balance on the hp acc which is incorrect, this needs to be a cr balance??
I know i need the Hp acc to be a cr balance, supplier acc zero and then journal the monthly payments straight from bank to the hp account to reduce the balance
Just can't get there in my head!
Thank you in advance for your help
Cheers
Although I could be mistaken, by no means an expert on finance!
Thank you for your replys, I have thanked Ceejay now, i totally forgot to due to been busy with work and struggling with year end due to lack of exeperience. All picking up now with a bit more knowledge and help from this forum.
In short term we had finance for £200k
Received £155k in the bank, other £45k paid the previous finance off.
Over the 3 years we pay £46k in interest.
So I am assuming i need to do the following
Cr Bank
Dr Hp Nom Code £155k (Repeat this with the monthly payments)
Confused with how the interest will be treated, do i split the monthly payment and journal the interest elsewhere?
Thank You in advance for your help, sorry again for mis using the forum
Cheers
We have taken the £200k /36 months which has given us the capital repayment monthly then anything above we are classing as interest
Thank you for your help with this matter.
I am hoping to get on to cima starting september which will help with my knowledge, Currently struggle due to Passing AAT then the management accountant left the company which has left me currently to complete year end!
Thank you again for your help!!
Cheers
Elliot
Cheers