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KLJ5's avatar
KLJ5
Contributing User
2 months ago

Setting up a Hire Purchase Arrangement question

Hi, I have read the MYOB Setting up a Hire Purchase Arrangements , and am a bit confused.

Our company has purchased a new ute via a hire purchase, and I have followed the instructions to set up Liability, Asset and Expense categories.  To record the initial purchase, it says to do a Spend Money transaction.

 

Years ago, I did a Journal Entry when we purchased a work ute via a Hire Purchase. arrangement, not a Spend Money transaction.

 

Can someone please help with more instructions, using MYOB Business.

 

Thank you.

 

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    KLJ5 

     

    Accounting for HP is complex.

    I suggest you have your Tax Accountant assist.

     

    My view is you can do a Journal or a Spend Money.

     

    Duncan Smith