What to do when a client has made a new asset purchase on a loan:
1. Create a new liability (loan) account in the Chart of Accounts. Ensure you have ticked the box 'enable payments to loan account.'
2. Create a bill for the asset purchase, based on the invoice provided for the asset - record to asset purchase account.
3. Pay the bill from the new liability (loan) account.
4. Enter a bill from the loan provider for 'unexpired interest' (liability account - BAS Excluded) and pay this from the new loan account.
5. Set up a bank rule for regular repayments to the loan account.
If they paid a deposit, code through the bank account to the "Deposits Paid" account, BAS Excluded. Change the asset purchase invoice to take off the deposit paid.
Use the same process for Insurance Premium Funding.