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rsteenbu52
Level 2

bank transaction

We recently purchased a van.  The bank does not do local financing (it must come from their national office).  So we issued a check for the amount of the van purchase to the dealer.  The bank then deposited the loan procedds to our checking account to cover the prurchase price. How do I record the two transactions?

Solved
Best answer April 23, 2021

Best Answers
Rustler
Level 15

bank transaction

Enter the check for the payment, use the vehicle fixed asset account you first create as the expense (reason) for the payment

 

Enter a deposit in the bank account and use the loan liability account you first create as the source account for the deposit

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1 Comment 1
Rustler
Level 15

bank transaction

Enter the check for the payment, use the vehicle fixed asset account you first create as the expense (reason) for the payment

 

Enter a deposit in the bank account and use the loan liability account you first create as the source account for the deposit

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