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HP Journal - 'deposit contribution'

Posted By Rachel Moore over 6 years ago

Has anyone come across dealing with a 'deposit contribution' when producing a new vehicle purchase journal? The finance company has deducted it from the outstanding balance without reducing the VAT on the original purchase price. Any ideas where to credit this deposit contribution to?

I'm a bit stumped!! Many thanks.

0 Adam Wood over 6 years ago

Hi Rachel,

Please click here to view our help guide on Hire Purchases. Step 2 - Record the hire purchase figures advises what to do in case of a deposit.

I hope this helps!
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0 Rachel Moore over 6 years ago

Hi Adam, checked step 2 on your link. It only covers what to do in the case of a deposit paid from the business - the deposit I'm referring to is one that the finance company have paid to reduce the amount of HP owed. I'm wondering whether to just offset it against the HP interest charges? Would that be suitable?
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0 Adam Wood over 6 years ago

Hi Rachel,

If possible, please give us a call on 0845 111 55 55 or come through via Web Chat and we can discuss this with you in further detail to find the best way to post this.
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Sage 50 Accounts

HP Journal - 'deposit contribution'

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