Hire purchase is a business agreement, similar to leasing, where purchased goods are paid for over a period of time rather than paying the full cost up front. Unlike leasing, the goods are owned outright after the final payment.

AccountRight can be set up to record the specifics of your hire purchase arrangement, but there's a few variables which need to be considered, including:

• the terms and conditions of your hire purchase agreement
• your GST reporting basis (cash/payments or accrual/invoice)
• the tax/GST implications (the ATO (Australia) or IRD (New Zealand) have good info on this).

When it comes to setting up AccountRight for hire purchase, there's no "one size fits all". But don't worry, we have dedicated Business Gurus in our MYOB Community that can help sift through the complexities and get you back to doing business.