Looking for recommendations on accounting software that I can use to keep track of HP assets

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Looking for recommendations on accounting software that I can use to keep track of HP assets, that will give me the relevant reports that I need for period close as well. This has to be able to keep track of 2500+ asset lines, and show me at any given point in time HP liabilities/ interest / disclosable info etc.

Thanks in advance

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By paul.benny
17th May 2022 14:45

Are you the hirer? That's a big fleet of assets to be on hire purchase. What are they? Are you sure the contracts are actually HP - so finance leases? Might be worth looking at the supply contracts in more detail.

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Replying to paul.benny:
By Tatenda
17th May 2022 15:25

Yes. all HP funded assets - vehicles

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Danny Kent
By Viciuno
17th May 2022 15:40

If you are looking for purely financial info can you not knock up a spreadsheet that will do all that for you? Would take some time to get all the info added but once there you should be able to get it to do whatever you want.

Bound to be some commercial software out there but probably costs an arm and a leg (may not be a consideration if you have 2500 vehicles though!). More importantly you might end up spending more time trying to get it to tell you what you want than you would spend doing it yourself!

If you don't have the skills to set one up yourself sure you could get someone on fiver or one of the sites like that to throw something together for you (likely something fancy with Macros and the like to make your life easier!).

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By paul.benny
17th May 2022 17:57

I'm not convinced they're actually HP - although obviously I've not seen the contracts.

What's the contract term? Is the final payment a notional amount or is it the estimated residual value? Are there mileage limits and charges for excess? Do you ever buy the cars at the end of the term? Who pays for maintenance

IFRS16 would probably make you put these on the balance sheet but if you're under UK standards, they're more like operating leases.

You might want to discuss with your auditors whether the accounting treatment is actually correct before you try and set up an system to track the accounting entries.

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