PERIODICAL LEASE REPAYMENTS
TO RECORD EACH PERIODICAL PAYMENT TO THE FINANCE COMPANY
BANK > PAYMENTS
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 Finance Lease Agreement number. This Payee will then be selected for all future lease repayments.
Choose the appropriate Lease Account;
Leasing Finance – Cars
Leasing Finance – Vans
Leasing Finance – Trucks
Leasing Finance – Equipment
Leasing Finance – Other
Enter the total amount of the periodical repayment.
While in the amount box choose the appropriate VAT rate using the arrow up & down keys on the keyboard.