HP Liability workpaper (HPL)

How to remap accounts under HP Liability, how the workpaper adapts to multiple Hire Purchase agreements, and how Balance per GL splits into Current and Term.

The Hire Purchase (HP) Liability (HPL) workpaper reconciles each Hire Purchase agreement separately, splitting the balance between the current portion (due within 12 months) and the term portion (due after 12 months). Because a business can hold multiple HP agreements, this workpaper requires account remapping before use.

Data extraction

This workpaper is manual. Users need to enter the details manually.

Re-mapping accounts (first step)

Before using the workpaper, remap all accounts under HP Liability to HP Liability 1 and Current Portion of Hire Purchase Liability 1, HP Liability 2 and Current Portion of Hire Purchase Liability 2, and so on, depending on the job:

  1. Click the Edit button.
  2. Map the accounts under the Chart of Accounts (CoA) Mapping column.
  3. Save the changes.

Section structure

After re-mapping the accounts and saving changes, separate sections for each Hire Purchase Account are populated in the workpaper. For example, if account codes are re-mapped between Hire Purchase 1, 2, and 3, the workpaper will display three Hire Purchase schedules.

Use the toggle to switch between:

  • Viewing all sections
  • Viewing only unreconciled sections

Balance per General Ledger (GL)

  • Balance per GL (Current): Balance of account codes mapped under the respective Current Portion of Hire Purchase Liability Account.
  • Balance per GL (Term): Sum of mapped accounts for the Hire Purchase Liability Account.

How to access

  1. Go to Jobs and open the relevant job.
  2. Click the Workpapers Icon or navigate to Results then Workpapers.
  3. Select HPL on the Workpapers Dashboard.
  4. Click Edit and complete the account remapping before entering data.