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Post Info TOPIC: Pre-payments in Sage
Samilou67


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Pre-payments in Sage
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I need to set up pre-payments for a HSBC loan which is already set up as a bank account. Please can someone explain how I record this in the nominal ledger pre-pay box on Sage. See attached.

I am just unsure which nominal to use for the first column, is it the current account the payment is coming out of or the Loan account it is going to or should HSBC have been set up as a supplier account originally?

Thanks

Sam

 



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Pre-pay.docx (126.9 kb)
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Sam
GJRobbins


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Hi Sam

Why are you prepaying it?

Do you mean recurring payments for the monthly instalments? if so this is in the bank screen.

As the loan account is setup as a bank account you cant do BP (Bank Payment) transactions, you will need to do it as a journal.

Set up the JD (Journal Debit) to go against the HSBC loan account.
Set up the JC (Journal Credit) to go against the bank account the payment is coming from.

Make sure you enter them as the same date......

Hope that helps

Jeremy

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Samilou67


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Hi Jeremy

I'm not sure really, I have been asked to do it by our accountant who is on annual leave so I can't clarify it with her.

Thank you for the journal info.

Sam



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Sam
GJRobbins


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Hi Sam

I am 99.99% sure she meant make a recurring payment for the loan repayments in which case follow the instructions below.

I would set it up as I described below but not make the physical postings until you clarify with your accountant.

A message will appear on screen when they are due to be posted. (As attached)

Thanks

 



Attachments
__________________

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Want to see what all the fuss is about? Click here: OptegraMRP
Samilou67


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Thanks Jeremy. I will do that and check with her.

She says the same for the insurance and I can understand that but not for the loan.



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