I need some help with the setup of accounts in Manager for the purchase of a company vehicle (asset) by means of hired purchase. I had a quick check but did not find a matching scenario in the forum or guides. Hopefully we could get some clear Manager step by step procedure. If I have missed something please point me in the right direction because this is something many small businesses have to do at the outset of their operation. Thank you.

Here is an example:

Vehicle Cost: $13 970.00 including GST

Deposit: $2 493.00

Total Outstanding on vehicle: $11 477.00

Hire Purchase

Loan Amount : $11 477.00 plus Establishment fee costs of $523.00

Total Loan Amount: $12 000.00

Period: Paid over 36 months

Monthly Payment: $423.47

Total Amount of Payments: $15 244.92

Total Interest Charges: $3 064.92 (Interest fixed at 14.95% over the whole term)

MYOB have a set of Tasks like this:

Task 1 - Create a liability account for the finance company

Task 2 - Create a liability account for the GST on acquisition

Task 3 - Create a tax code for the purchase

Task 4 - Create an asset account for the Term Charges

Task 5 - Create an expense account for the Term Charges

Task 6 - Record the initial purchase

Task 7 - Record the periodical payments

Any help will be greatly appreciated.