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Post Info TOPIC: Sage, Leased vehicles and direct debits
laurenGES


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Sage, Leased vehicles and direct debits
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Hi, 

I have had to take over our small companys book-keeping and have no qualifications so please excuse my ignorance. 

I was wondering if you could help me with how to go about putting our leased company vehicles on to Sage 50. 

Would I just do this as a recurring item through the bank or will I have to put the invoices on as we receive them monthly?

We pay by direct debit and will not own the vehicles at the end of the lease. 

Would I still use 0050 for motor vehicles?



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Sharon Eyre


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I personally would set up a recurring entry for the payment and code the entry to 7400 vehicle hire or one around that area if you will never own the vehicle- it will be an expense rather than an asset as the 0050 would show it as

regards
Sharon

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Regards

Sharon
BruceDenney


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A recurring bank payment should be fine, but as you are not purchasing an asset it should not go in 0050.

The lease is a long term liability and should be in the balance sheet and reduced as you pay it, but if you do not maintain a balance sheet, posting it to a new expenditure account 73xx would be fine as the accountant can pick it up from there, just label it nicely as "Vehicle Lease Payments" so it is easy for them to spot.


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