Click "Tools, and "Hire Purchases" from the drop down options.


LodgeIT HP Calculator works with first payment In Advance (1st repayment on day 1 of HP) or In Arrears(First repayment after 1 month of HP).

LodgeiT HP Calculator can handle Balloon repayments at various time points in the HP.

Use a Loan Calculator to check the repayment if you are unsure. You'll need the interest rate & term.

LodgeIT works with monthly repayments only.

http://wolfram-hpcalc.s3-website-ap-southeast-2.amazonaws.com/ 

or

https://www.commbank.com.au/personal/personal-loans/personal-repayments-calculator.html

Using the details from the Loan Repayment Calculator Above.

  1. Add a copy of the contract for future reference.
  2. Add the name of the Hire Purchase so that it is meaningful i.e. Provider (St George) and the contract number. This will allow LodgeiT to easily validate/compare the balances on the imported financials.
  3. Ensure the Contract Number is correct as per the contract.
  4. Add the correct START Date of the contract. If the date is incorrect, the balances at the end of a certain date point will not be correct.
  5. If the Hire Purchase relates to some rental/investment property, add the address.
  6. Add all the relevant financial information.
  7. Add multiple balloons at various points through time if relevant.
  8. Make sure you've added the associated asset PRIOR to creating the Hire Purchase, then you can link the HP & the asset. This will be useful at the date of sale of the asset.

Select the Hire Purchase reports from any of these points -

Then select a report -

Or View a Summary of ALL Hire Purchase Reports -


Note: 

- LodgeiT HP tool is set for a monthly payment. We don't have a weekly payment schedule.

- Interest is not auto populate to tax return. The interest should go as an interest expense but put it into the expenses of the profitLoss.

- There is no option to add the monthly fee in the HP Tools calculation setup, but you can instead add it to the total value of payments for amortization.