SageForum for UK versions of Sage 50- Help and support.

Hi

I have just started using Sage 50 , after many years using Tasbooks. I have just ordered a new van, which I am going to purchase via a loan through my bank, I am Vat registered too, so I will be paying all the Vat to the supplier of the loan and will be claiming all this back, But can anyone please advise me on how I enter this transaction in Sage 50.

Basically I am paying a deposit + all the vat up front and will be paying monthly payments and a final balloon payment at the end, there is also a admin fee too, which is payable with the first instalment.

Any help is apretiated.

Thanks

it is a t1 zero nett total vat payment for the VAT

Assuming the rest is on finance, then journal, to transfer the value of the van to the asset account and to a creditor account for the HP company.

Each payment is then a split part is repayment of the loan and part is payment of interest on the loan.

Frequently people just make a payment and then at the end of the year do a journal to split it.