Vehicle purchase - How to show an allowance for a part exchange

sarahgress01 · ‎August 13, 2019

Good morning

After an extensive search on Google & QB Community I cannot find an answer to this.

I am using QBO.

We have purchased a vehicle for £9995 plus vat (£1999) - Total cash price £11,994.

We paid £500 deposit from our bank.

The garage gave an allowance of £2000 as they took our old vehicle in part exchange.

Balance of £9494 paid from our bank.

I have logged the sales invoice on QB, showing the vehicle as an asset.

The two payments show in my banking feed but I cannot find a match for them, must be something to do with the £2K allowance. How should I log this correctly please?

Megan88 · ‎September 10, 2019

Hi

Have you had an answer to this?

QB will only find matches from the bank feed if the invoice amount is exactly the same as the payment amount. You can click on 'find match' and then filter the dates/search for the supplier and then you can match the part payments.

Once you have matched the two bank payments to the invoice, you should be left with the £2000.00 outstanding. You can then raise a supplier credit for this amount and allocate it to the remainder of the invoice by clicking on 'make payment' next to the invoice within the supplier account.

Hope this helps?

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Vehicle purchase - How to show an allowance for a part exchange

Vehicle purchase - How to show an allowance for a part exchange

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