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Since there was no real money involved when the vehicle was purchased, you can record a barter transaction so the bank balance is not affected. I'd be glad to share the all steps with you.
First, create a barter bank account. You will use this as the holding account and payment so the transactions will not deduct in the bank balance in QBO. Here's how:
- Go to Settings ⚙ then select Chart of accounts.
- Select New to create a new account.
- Proceed to the Account Type ▼ dropdown, and select Bank.
- Under the Detail Type ▼ dropdown, select Cash on hand.
- Enter the account name. (ex. Barter Bank Account)
- Choose Save and Close.
Second, create an invoice and receive a payment for the old van that was used as a deposit. This is to temporarily put the amount in the barter bank account. Here's how:
- Click the + New button and select Invoice.
- From the Customer ▼ dropdown, select your supplier’s (barter partner) name.
- Enter all the necessary information.
- Select Save and Close.
Then, follow these steps on how to receive and post the payment in the barter bank account:
- Go back to the + New button and select Receive payment.
- From the Customer ▼ dropdown, select your supplier’s (barter partner) name. Fill in the date and amount.
- Click the drop-down list for Payment method ▼ dropdown, then Add new.
- Enter “Barter” in the Name field, then select Save.
- Under the drop-down list for Deposit to ▼, select your barter bank account.
- Select Save and close.
Now that the amount is posted in the holding account, record the expense transaction for the purchase of the new vehicle. Here's how:
- Click the + New button again and select Expense.
- From the Supplier ▼ dropdown, select the name of the supplier who sold the vehicle.
- Proceed to the Payment account ▼ dropdown and look for the barter bank account.
- Enter all other details related to the transaction.
- Select Save and close.
You can check out this article for additional details about the steps above: Record a Barter Transaction.
With regards to reclaiming Vat, I recommend reaching out to your account for additional advise on this matter. Let me also share these articles for additional guidance and references:
Let me know if you're able to record the transaction and fix the bank balance as well. I'd be glad to revisit this thread in case you have follow-up questions for me.