Hire Purchase Accounting Software for UK Accountants

HP and finance lease working papers under Creditors

• Hire purchase agreements

  Record the key agreement details, repayment profile, agreement dates, and supporting notes in one saved working paper.

• Deposits, fees, and final payments

  Support deposits, arrangement fees, balloon payments, and option fees when preparing the finance lease creditor schedule.

• Total finance charge allocation

  Allocate the total finance charge across the repayment schedule so reviewers can understand the interest and creditor movement.

• Current and non-current creditor split

  Summarise obligations under finance leases due within one year and after more than one year for the creditors working papers.

• Draft and Complete review status

  Keep HP working papers as Draft while in progress, then mark them Complete once reviewed and agreed for the accounting period.

HP calculations help document the working paper, but they should be reviewed against the agreement and do not replace professional judgement.

Clear finance lease creditor schedules

WpAccPac keeps HP and finance lease obligations under the Creditors area, using the obligations under finance leases wording for the relevant creditor schedules. Right-of-use lease liabilities remain a separate lease liability heading.

Part of the accounts working papers process

WpAccPac works alongside bookkeeping software and trial balance records. It does not replace the bookkeeping system; it helps accountants prepare, review, and document HP and finance lease creditor working papers within the accounts file.

Explore the wider accounts working papers system and related fixed asset register. For related FRS 102 review work, see disclosure checklist software.

Frequently asked questions