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Level 1

Long Term Liability Account Payoff

We traded in our vehicle and need to record the "Account Payoff" amount in our register to zero out this account.  Can someone explain to me how to do this?  

 

We owed less then our vehicle was worth and the overage was applied to our new vehicle loan as a down payment.  

 

Any help would be appreciated. 

1 Comment
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Level 7

Long Term Liability Account Payoff

This is a complicated transaction to record.  One would need all the transaction paperwork to provide you with the correct journal entry.  Suggest you speak with your accountant.  Not the best answer, but best I can give you without all the facts and new tax laws for 2018.

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