To record each periodical payment to the finance company, follow the below steps:

• Navigate: Navigate to Bank>Payments.

• Payments From: Select the bank account from the drop-down list from which the payment was made (bottom right-hand corner of the entry screen). You must ensure you are working from the correct bank account at the start.

• Reference: In this case, it is the Direct Debit reference, for example, DD.

• Date: Date of Direct Debit.

• Supplier/Payee: Select a Payee from the existing list (F2) or type the first letter of the Payee name, and use the arrow down key to scroll through the existing Payee names.

  To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, and select “Other” to add the new name to the Payee list.

  It would be advisable to set up the Payee in the name of the Finance provider with the Finance Lease Agreement number.  This Payee will then be selected for all future lease repayments.

• Nominal Account: Choose the appropriate Lease Account:

  • Leasing Finance – Cars

  • Leasing Finance – Vans

  • Leasing Finance – Trucks

  • Leasing Finance – Equipment

  • Leasing Finance – Other

• Amount: Enter the total amount of the periodical repayment.

• VAT: While in the amount box choose the appropriate VAT rate using the arrow up & down keys on the keyboard.