Pick up truck

Welcome to Community, michaelb4348. 

I'm here to make sure you'll be able to record vehicle purchases in QuickBooks Online. 

QuickBooks provides you an option to add a vehicle to a list of your business vehicles and track expenses like billable mileage. You need to create a fixed asset account to keep track of the items. 

Here's how:

1. Go to the Accounting menu, and then choose Chart of Accounts.
2. Click New at the upper right corner.
3. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.
4. In the Detail Type drop-down arrow, select the option that nearly describes the asset.
5. Enter the account name.
6. Put a checkmark beside the Track depreciation of this asset checkbox.
7. Assign an Original Cost and enter the As Of the date of the purchase.
8. Click Save and Close.

For additional information, you can refer to this article: Set up an asset account in QuickBooks Online.

Upon sharing the steps above, I'd still suggest contacting your accountant. This way, they can guide you through the process to ensure the accuracy of your books after recording this.

I've added this article on how to set up a particular account to manually track depreciation using journal entries: Depreciate assets in QuickBooks Online.

Drop me a comment below if you have any other concerns about recording a vehicle purchase. I'll be more than happy to help. Wishing you a good one.

Hi Leizy,

Thank you for the reply, I understand the above, but does the 15k i loaned the buisness need recording and is that due back to me?

Hello Michaelb4348, thanks for coming back on this thread, You might want to speak to an accountant regarding if the business owes the 15k back, it will depend if it was a loan or an investment on your part. Which it will alter how it is recorded in QuickBooks, But the accountant will be able to advise and guide on the best way to record it in your QuickBooks account. 

Hi Ashleigh,

So basically, i have loaned the money to the business and i pay the rest of the £300 monthly payments so my thinking is, i get back the £15k + 3 years of the monthly payments and if there is enough money in the business pay off the balloon. I am waiting on the accountant it's just how i record the above, maybe a loan account?