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Sale of Asset

  • Member
  • Practice Licence
  • 3 posts
  • # 117599

Good morning,


I am currently entering a clients books onto Sage and i’m wondering how you would deal with a part exchange of an asset when it is on finance?


He part exchanged the vehicle on 27th November and invoiced the company for £15,600 including VAT.

The outstanding loan of £12,907.93 was paid by the vendor.

The new van cost £15,995.00, with VAT of £3,199.00. The VAT was paid as a deposit and the rest was financed.

The interest on this was £3265.00.

Instead of him paying the company the VAT, and then them refunding the difference between the VAT and what they owed, he paid them £506.93.


Just need the best way of inputting this info onto the system.


Many thanks in advance

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