Purchased Used Truck

Hello, @social209.

When tracking business expenses, you'd want to consider the purchase price of the item. Any purchased items that cost more than $2,500 is considered an asset. However, items under the $2,500 threshold are considered as expenses. You can create an asset account and use it to track the purchase you've made.

1. Go to the Lists menu.
2. Select Chart of Accounts.
3. Hit Account.
4. Choose New.
5. Under Other Account Types, select Other Current Asset or Fixed Asset.
6. Select Continue.
7. Enter Auctioned Truck in the Account Name field.
8. Click Save & Close.

Once completed, you can write a check to record the actual purchase. Here's how:

1. Click the Banking menu.
2. Select White Checks.
3. Choose the Business Bank Account used to pay the truck.
4. From the PAY TO THE ORDER OF field, select the vendor you recently created.
5. Under Expenses, select the asset account you've recently created.
6. Enter the total amount (12000) you paid for the truck.
7. Click Save & Close.

Also, I'd recommend consulting with your accountant. This way, you'd be guided in tracking your expenses and assets especially in choosing the right account for it.

You can always get back to me if you still need help with adding fixed assets in QuickBooks. Take care and have a nice day ahead!