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New car purchased from dealer. We have paid cash deposit from business transaction account, with balance of amount coming from finance.
My question is how do I record total purchase of car from dealer (we are using Simple Start version of QB so cannot use bills/supplier credits).
I am OK with setting up the loan as long-term liability, but not sure on recording the asset/purchase.
Thanks
I'm happy to see you here in the Community, @LinenLady.
I've got some instructions to share with you regarding setting up and recording assets in QuickBooks Online.
You can create an asset account in QuickBooks Online. This is to track the current value your assets or the things that are owned by your company.
To do that:
From there, you can now start recording your purchases. For more information about dealing with assets and its depreciation, please check out these links:
To ensure that your setup is correct, I highly suggest consulting an accountant. They'll be able to provide you the best course of action for your business, especially when it comes to organizing your books.
In addition, here are articles that you can visit about the different types of accounts in the COA and on how to navigate QBO's functionalities:
Know that I got your back if you have any other concerns. I'll make sure you're all set. Take care, LinenLady.
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