Hire Purchase Repayments

PERIODICAL HIRE PURCHASE REPAYMENTS

To record each periodical payment to the HP Finance Company:

BANK > PAYMENTS

Payments from

Select the bank account from the drop down list from which the payment was made (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.

Reference

In this case it is the Direct Debit reference, e.g. DD

Date

Date of Direct Debit

Supplier/Payee

Select a Payee from the existing list (F2) or type the first letter of the Payee name, use arrow down key to scroll through the existing Payee names.

To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, select “Other” to add the new name to the Payee list.

It would be advisable to set up the Payee in the name of the Finance provider with the Hire Purchase Agreement number. This Payee will then be selected for all future HP repayments.

Nominal Account

Choose the Hire Purchase Account

Amount

Enter the total amount of the periodical repayment.

VAT

VAT is not applicable to HP repayments and should be left at zero as the total VAT.

Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.

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Hire Purchase Repayments

PERIODICAL HIRE PURCHASE REPAYMENTS

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