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EmmaY
Level 2

How to correctly record interest-free finance

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?

Solved
Best answer October 13, 2022

Accepted Solutions
paul72
Level 8

How to correctly record interest-free finance

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.

View solution in original post

2 REPLIES 2
GeorgiaC
QuickBooks Team

How to correctly record interest-free finance

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
Level 8

How to correctly record interest-free finance

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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