Selling company vehicle to employee , How to set up this loan?
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We are selling a company vehicle to an employee and the employee will make weekly loan payments through payroll deduction until vehicle is paid off. This vehicle is no longer on our books because if its age. How do I set this up? Sell price is $3,500, weekly payroll deduction $100.
Selling company vehicle to employee , How to set up this loan?
If the vehicle was fully depreciated, any revenue received on sale will be credited to account called Gain on Sale of Assets (you may need to set up the new account). You'll also need to set up a current asset account called Due from Employee or something like that, and record the amount of the sale in that account & credit Gain on Sale. Payments received each payroll period will be credited to the Gain on Sale account.
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