I wanted to use a software package to keep accurate accounts for my husband and VT Transactions seemed to be a good option. We have taken this line as his Accountant retired last year and my husband retires in 3 years himself. I also have a little knowledge of book keeping from many years ago, but now retired.
I appreciate my husband does not need to have a balance sheet as a small sole trader but as we have purchased the full program I decided I would try to use all the options open. Everything has fallen into place, even his CIS work, except the van.
A used van was purchased last year (2013/2014,) through 3 year finance.
The repayments are being made through the Business account. However much I read the manual I cannot see where to post the part of the repayment that we cannot claim. ( Full amount less the interest)
I would create a new heading creditors / van purchase. Do a journal between fixed assets and creditors for the capital amount then when paying the monthly payment split between creditors for the capital and expenses / interest for the interest.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
