If Your Company Ever Hire Purchases Any Assets, You Need Our Hire Purchase Accounting Program
If your company has ever entered into a hire purchase arrangement for an asset, you know what an accounting quagmire that can be. Not only from an internal accounting perspective but also for tax purposes. Lunic Software has the perfect hire purchase accounting program to solve this issue and many other asset accounting problems.
Our AssetAccountant software can calculate interest on a daily, four-weekly, monthly or quarterly compounding period. A unique feature of our hire purchase accounting program is that the payment schedule can utilise interest in advance or arrears. You no longer have to extrapolate those interest figures for the first and last month’s payments to determine in which tax or fiscal year you accrued the interest. Also, you can delineate for the residual of the hire purchase contract in the last payment or at a later date. Our hire purchase accounting program was also specifically designed to allow for custom ballooning payment schedules.
With AssetAccountant, you will no longer have to close out the hire purchase account and start a new one merely because you refinanced the arrangement.
The hire purchase accounting program from Lunic Software allows you to prepare a multitude of reports and journals for all your hire purchase assets. Those reports can be as detailed as you like for a particular purpose, or can merely be summary schedules. You can track payments, capitalisation, amortisation, notes, and profit or loss on a sale. You can also forecast all the above information for planning and budgeting purposes.