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Post Info TOPIC: Where does a HP Interest Reserve account go in the accounts in VT
rachel_mclean


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Where does a HP Interest Reserve account go in the accounts in VT
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Hi, can anybody help me or tell me if I have done this right.

I have a separate account for the capital loan and the HP interest reserve. They are both under creditors and the balance added together is the closing balance of the loan at the end of the year.

 

Thanks in advance

Rachel

 

 



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Rachel
RobH


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Hi Rachel,

I don't use VT, but I don't see anything wrong in this approach, however personally I would tend to use just the one 'HP creditor' account. In practice I would just debit the account every time a payment was made and then at reporting stage (annually hopefully!) credit the interest charged.

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Rob
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