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EmmaY
October 12, 2022
Solved

How to correctly record interest-free finance

  • October 12, 2022
  • 2 replies
  • 0 views

We have purchased an iPhone from Apple with interest-free credit/finance provided by Barlcays Finance over 2 years.  How do I correctly record the invoice from Apple to reclaim the VAT and record the repayment of the finance?

Best answer by paul72

Hi @EmmaY 

 

No need to overcomplicate this.

   Record the Bill in QBO as normal.

   Reclaim the VAT in full.

   Record each payment as a Bill Payment paying down the balance until you get to £zero.

 

Hope this helps.

2 replies

G
GeorgiaC
October 12, 2022

Hi EmmaY, thanks for your post - we would recommend reaching out to your bookkeeper or account for support in recording interest-free finance. If you don't already have an accountant/bookkeeper, you can find a QuickBooks Certified ProAdvisor near you on our online directory. 

paul72
paul72Answer
October 13, 2022

Hi @EmmaY 

 

No need to overcomplicate this.

   Record the Bill in QBO as normal.

   Reclaim the VAT in full.

   Record each payment as a Bill Payment paying down the balance until you get to £zero.

 

Hope this helps.

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