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The Summary of Hire Purchase reconciliation rolls up every account in the file that uses the Hire purchase (Account template) into a single client-wide table of every asset held under hire purchase. It takes no meaningful data entry of its own: everything on it is pulled through from the account templates behind it and reformatted into one schedule that reconciles to the combined hire purchase balance.

Table of contents 

When should I use this template?

Add this reconciliation wherever the client has one or more hire purchase agreements, so there is a single working paper showing every asset across every account rather than reading the detail off each hire purchase account individually. It is designed to sit alongside the Hire purchase (Account template): that template does the asset-level work and the calculations, while this one presents the roll-up.

Before you start

Add the Hire purchase (Account template) to each hire purchase liability account first. This template has nothing to display until at least one account using that template has an asset entered, because it reads its asset list and all of its figures directly from those accounts' results.

Step 1: Review the asset summary table

The main table lists every asset across every account using the Hire purchase (Account template) and shows, for each one:

  • the asset name
  • the nominal code it is linked to
  • the HP provider
  • the commitment period, with a break clause noted where relevant
  • balance b/f and c/f

Columns for additions, interest, payments, adjustments, and the due within 1 year / after 1 year split only appear if at least one asset in the file actually has a value there. This keeps the table compact for straightforward files and only expands it where the detail is needed. A column asking whether balances due after five years are paid by instalments also only appears if at least one asset has been marked "Yes".

Step 2: Reassign an asset to a different account (optional)

Each asset's nominal code defaults to the account it is held in, but you can reassign it on this summary if the client wants that asset's balance reported against a different account. This is useful where a liability needs to be split or regrouped for presentation without moving the underlying data entry.

Step 3: Add a description (optional)

You can show a comments column for any asset. The comment is either carried over automatically from a note already entered against that asset on its account template, or entered independently here.

Step 4: Check the total reconciliation

The total row reconciles the combined capital balance of every asset on this summary to the combined ledger balance of the hire purchase accounts feeding it, with an unreconciled indicator if the two do not agree. This is a check on the totals across every account, in addition to (not instead of) each account template's own reconciliation.

What flows through to the rest of the accounts/workflow?

This is the client-wide hire purchase schedule that supports the hire purchase disclosure and the current/non-current split on the balance sheet. It does not feed any other template.

What rolls forward next year?

Nothing is entered directly on this template other than the optional description and nominal code reassignment for each asset, both of which are remembered per file. Every other figure is recalculated live from the Hire purchase (Account template) accounts each time the summary is opened.

Where the data comes from

Everything is inbound from every account in the file using the Hire purchase (Account template): asset names, providers, dates, amounts, and the calculated amortisation results. This template performs no independent calculations, so if an asset is missing or a total looks wrong here, check the account template it should be coming from.

Frequently asked questions

Why is a column missing from the summary?

No asset in the file currently has a value in that column. For example, if no asset has ever had an adjustment posted, the adjustments column does not appear.

Why is an asset missing from the summary?

Either the account it is held in is not using the Hire purchase (Account template), or no asset details have been entered on that account yet.

Can I move an asset's balance onto a different account for reporting?

Yes. Use the nominal code field against that asset on this summary to reassign which account its due balance is shown against.

Why does this template show its own unreconciled warning when the account template beneath it already reconciles?

This summary checks the combined total across every hire purchase account against the combined ledger balance, which can catch a mismatch even if each individual account appears to reconcile on its own.