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