The deposit you pay is an asset to the business as you expect to get it back and you will need to record it as follows:
Dr: Security Deposits (this is an asset account which you will probably have to set up if there isn't one already) Cr: Bank Account (whatever is the main one you use on Sage)
The monthly rent is an expense and you need to record is as follows:
Dr: Rent Expense Cr: Bank Account
Accounting for Hire Purchase is different to accounting for renting as the first assumes you will one day own the taxi and the latter assumes someone else will own the taxi for the duration of time you use it.
I'm not an expert on any particaular accounting package so I can't really help on the step by step guides but if you have any bookkeeping/accounts questions I can help!
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Please correct me if I'm wrong... I am only human sucking up knowledge... Sometimes bits leak out!
