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FIN-X Solutions – Financial Solution Version 7 User Manual
Page 13 of 54
3.2.6 Hire Purchase / Lease Agreement Data
The “HP/Lease Loan Account Details” fields allow you to enter descriptive
detail for each of the business’ HP/Lease agreements, and the rates of interest
charged on each respective loan (these rates are used for the automated
calculation of interest by the financial solution). The financial solution provides for
four HP/Lease loan accounts. An example of information populated is as follows:
HP / Lease Loan Account Details
H1
H2
Standard Bank - Vito Bus finance - Acc 545 666 789
Standard Bank - equipment finance - Acc 545 777 890
Interest Rate
12.00%
10.25%
Tip: Refer to the loan agreement documentation that you have to
determine what the interest rate is that is charged. To make sure you
have the right interest rate, contact the bank and inquire.
3.2.7 Opening Balances
Provision is made for entering various opening balances. These opening
balances relate to the figures that would have been reported in the previous
financial year’s financial statements. The accuracy of these values is of extreme
importance. Due to the importance and complexity of this, a separate section
addresses the requirements in more detail – refer to SECTION 6 – OPENING
BALANCES.