Co. vehicle loan payoff, how to post JE, payoff amt is less than posted liability amt, what should JE be? Also need to move from liabilities to assest? Thanks.

Hello, @teresac2.

Journal entries are typically only used as a last resort when entering transactions. The main reasons to use them would be for debits and credits, transferring money between income and expense accounts, and transferring money from an asset, liability, or equity account to an income or expense account. The steps below will guide you on how to create a Journal Entry in QuickBooks:

1. Go to the + New button.
2. Choose Journal Entry.
3. Fill in your Debits and Credits.
4. Press Save and Close.

Before recording a journal entry in your books, I recommend contacting your accountant. They'll be able to help you determine what to record and how to classify your transactions correctly. You may also find this article about loan payments helpful too.

I'm only a post away if you have any other questions. Best wishes!