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Setting Up Lease in Accounts

  • 05-09-2007 9:13am
    #1
    Baby4
    Closed Accounts Posts: 1,407 ✭✭✭


    This post has been deleted.


Comments

  • #2
    Woof
    Closed Accounts Posts: 11 ✭Woof


    Are you sure your balance is correct? If it is then as a Crs < 1 yr is simply 12 months repayments and the balance goes under Crs > 1 yr.


  • #3
    Baby4
    Closed Accounts Posts: 1,407 ✭✭✭Baby4


    This post has been deleted.


  • #4
    Woof
    Closed Accounts Posts: 11 ✭Woof


    Hmmm think you need to go back to whoever is training you to explain re. vat/sum of digits etc as this would be very difficult to explain for me. If you can't let me know and I will try......:cool:


  • #5
    kluivert
    Registered Users, Registered Users 2 Posts: 2,399 ✭✭✭kluivert


    1. Open a new lease nominal/account

    Db Asset account with amount advanced in the Balance Sheet
    Cr Lease account in the Balance Sheet

    2. Work out how much of the repayment is interest and how much is capital.

    Db Lease Interest in the P & L
    Cr Lease Account in the Balance Sheet

    3. Work out how much Vat is included in the repayments

    Db Lease Account in the Balance Sheet
    Cr Vat Account in the Balance Sheet

    4. Input your repayments for each month.

    Db Lease Account in the Balance Sheet
    Cr. Bank Current Account in the Balance Sheet.


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