Hi there, @Vuralriza1.
Thanks for visiting the Community. I appreciate you for sharing detailed information on your goal.
Sure, let's create a bill to record the full amount of your payable to that finance company, then use the Pay bills to enter your installments. Here's how:
- In the + New menu, select Bill.
- Choose your finance company in the Supplier drop-down menu. You can also click the + Add new to add supplier to the list.
- From the Terms drop-down menu, choose your preferred bill's term. The terms show when the supplier expects payment.
- Enter the Bill date and specify the Due date for the bill.
- The bill date is when it's created, entered, or received.
- The due date is when you must pay for the finance company.
5. Select an expense account under the Category drop-down list, then enter the full amount
of £11,000 in the Amount field.
6. Enter all necessary information under the Category and Item details.
7. Select Save and close.
Once done, you can now enter your partial payment by opening the bill you've created. Here's how:
- Click the + New menu, then go to the Suppliers tab.
- Locate your supplier, then select Pay Bills in the Action column.
- In the Payment account, select the bank account you want the payment to be taken out from.
- Enter the payment date.
- Under the Outstanding Transactions section, enter the partial payment amount ( £1,100 ) in the Payment field.
- Click Save and close.
You can now keep track of your payable by running Accounts payable aging detail report. Learn about how to customise supplier reports according to your business needs.
For future reference, read through this help article: What is the difference between bills, cheques, and expenses?. It helps you decide when to create bills and cheques or expense to record your payables and expenses.
Feel free to message again if you have additional questions. We're always delighted to help you more.
