How to enter information for a new company vehicle

Hello, Donna. 

Congratulations on getting a new vehicle for your business! I'm here to help you record and enter the vehicle loan in QuickBooks. 

First, you would want to set up things needed to record the loan for your new company vehicle: a liability account; an expense account (for interests, charges or fees); a vendor (where you would pay for the loan); and an asset account. 

Set up a liability account: 

1. Go to the Lists menu, then select Chart of Accounts.
2. Right-click anywhere, then select New.
3. Select the account type for your non-cash loan:
   • Fixed Asset: Use this for items that have useful value for more than a year (vehicles, buildings, and so on)
   • Other Current Asset: Use this for items with value that can be converted to cash (like prepaid expenses)
   • Other Asset: Use this for items that are neither Fixed Assets nor Other Current Assets.
4. Click Continue.
5. Enter the name and number for the account.
6. When you’re done, select Save & Close.

Next, set up the expense account by going to the Chart of Accounts page again (set the radio button to Expense for the category). You can name it like "loan interest and fees" or similar. 

Then, create a vendor where you would record your payments to:

1. Go to the Vendors menu, then select Vendor Center.
2. Click the New Vendor button.
3. Enter the name of the bank or the company.
4. Hit OK.

Before recording a journal entry, set up an asset account for the vehicle: 

1. Go to your Chart of Accounts again, then create a new account.
2. Select the appropriate asset type for the vehicle loan: 
   • Fixed Asset: Use this for items that have useful value for more than a year (vehicles, buildings, and so on)
   • Other Current Asset: Use this for items with value that can be converted to cash (like prepaid expenses)
   • Other Asset: Use this for items that are neither Fixed Assets nor Other Current Assets.
3. Hit Continue.
4. Enter the name of the asset account, then click Save & Close.

Finally, record the vehicle loan through a journal entry:

1. Go to the Company menu, then select Make General Journal Entries.
2. Enter the Date and journal Entry No.
3. Choose the first line and debit the loan asset account.
4. Select the second line and credit the liability account.
5. Click Save & Close.

If you'd like some reference regarding these steps, you can read more details from this article: Manually track loans in QuickBooks Desktop (it also has the steps to help you record the loan payments).

Though, you also have the opportunity to reach out to an accountant before and while doing this. They'll ensure your books are accurate, and that the vehicle loan is properly managed within QuickBooks. 

Need to close your books for the current period and reconcile your bank accounts? Check out this article if you need a guide: Reconcile an account in QuickBooks Desktop.

If you need to record other loans or if you need to complete a specific task in QuickBooks, please let me know the details. I'll be on the case and work with you. 

Thank you this was very helpful!