How to correctly record interest-free finance

Forum|Forum|3 years ago
October 12, 2022
2 replies
3 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?

QuickBooks Online

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.

GeorgiaC

Level 13

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

Level 6