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Post Info TOPIC: Posting HP in Sage
Taylor1


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Posting HP in Sage
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I wonder if someone could help.

I have bought a vehicle on HP kept it for 2 months and then sold it.

Can you tell me what my postings should be in sage

i.e I need to put it as an asset but i also need to show me paying it out of my bank to be able to reconcile my bank account.

Also then I need to dipose of the asset as it wouldnt have had any depreciation.



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Rachel Tyler
Spamkebab


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You never lost any money on the sale?

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Taylor1


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Yes basically bought a van on HP for something that didn't take off for 28k two months later sold it for 20,750 and same day while he was here paid off the HP and im unsure of my journals :(

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Rachel Tyler
MarkS


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Hi Taylor

Not enough info to give you the journals.  Need the following

1. What your monthly HP payments were split between capital and interest.

2. What the HP settlement figure was

The journals would be

Fixed Assets Dr £28k

HP Cr £28k

Being purchase of van

 

HP Dr £x

HP Int Dr £x

Bank Cr £x

Being HP monthly payments

 

Fixed Assets Cr £28k

Loss on Disposal Dr £7250

Bank  Dr £20750

Being disposal of fixed asset

 

HP Dr £x

Bank Cr £x

Being HP settlement

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Taylor1


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thank you for your reply you have been most helpful!!

I have been looking at the agreement and it do not mention interest just the cost of the van.

Again thanks for your help I really appreciate it :)

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Rachel Tyler
Taylor1


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I have done the journal but the VAT isnt showing up and I want to claim the VAT back....

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Rachel Tyler
MarkS


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Hi Taylor

You would reclaim the VAT on purchase (remove it from the fixed asset cost) but equally you will need to charge VAT on the sale.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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