Select "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.
Using the details from the Loan Repayment Calculator Above.
- Add a copy of the contract for future reference.
- 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.
- Ensure the Contract Number is correct as per the contract.
- 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.
- If the Hire Purchase relates to some rental/investment property, add the address.
- Add all the relevant financial information.
- Add multiple balloons at various points through time if relevant.
- 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 -
- 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.