  We describe all possible universal localisations of a hereditary ring in
terms of suitable full subcategories of the category of finitely presented
modules. For these universal localisations we then identify the category of
finitely presented bound modules over the universal localisation as being
equivalent to a certain full subcategory of the category of finitely presented
bound modules over the original ring. We also describe the abelian monoid of
finitely generated projective modules over the universal localisation.
