vehicle cast 1050000/- down payment 350000/- loan amount 700000/- interest 150500/- for 27months Kindly describe which are all accounts need to create under which heads in manager

On the purchase of the Vehicle Spend Money : 35,000 Assets : Fixed Asset : Vehicle 105,000 Liabilities : Loan Account : -70,000 (note minus) Assets : Unpaid Interest : 150,500 Liabilities : Loan Account : -150,500 (note minus) Monthly payment - Loan & Interest Spend Money : 8,166.66 Loan Account : 8,166.66 Unpaid Interest : -5,574.07 (note minus) P&L : Interest Paid : 5574.07 The unpaid Interest is stored in the BS Asset account and transferred to the P&L Expense account monthly.

Hi I found this helpful in 2014 [image] Hire purchase setup - GST accrual basis 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 includi…

How do I record a loan payment which includes paying both interest and principal?

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compuit June 28, 2016, 9:07pm 3

Hi I found this helpful in 2014

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How do I record a loan payment which includes paying both interest and principal?

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