Hire Purchase Repayments

 

 

 

 

 

 

Select the bank account from the drop down list from which the payment was made (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.

 

 

 

In this case it is the Direct Debit reference, e.g. DD

 

 

 

Date of Direct Debit

 

 

 

Select a Payee from the existing list (F2) or type the first letter of the Payee name, use arrow down key to scroll through the existing Payee names.

 

To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, select “Other” to add the new name to the Payee list.

 

It would be advisable to set up the Payee in the name of the Finance provider with the Hire Purchase Agreement number.  This Payee will then be selected for all future HP repayments.

 

 

 

Choose the Hire Purchase Account

 

 

 

Enter the total amount of the periodical repayment.

 

 

 

VAT is not applicable to HP repayments and should be left at zero as the total VAT.