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How to correctly record interest-free finance

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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?

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paul72Answer

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.

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.

paul72Answer

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.