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zoicol
Level 1

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop?

 

Solved
Best answer December 12, 2019

Best Answers
Rustler
Level 15

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

In the chart of accounts, create a fixed asset account named for the car, and a sub fixed asset account for accumulated depreciation

 

enter the payment and use the car fixed asset account as the expense (reason) for the payment

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4 Comments 4
Rustler
Level 15

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

In the chart of accounts, create a fixed asset account named for the car, and a sub fixed asset account for accumulated depreciation

 

enter the payment and use the car fixed asset account as the expense (reason) for the payment

zoicol
Level 1

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

Thank you so much for your help. It worked!

lorib1
Level 1

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

Hi,

This process balances so I am able to reconcile to bank statement, BUT my QB bank balance is reduced by the payment price of said used service vehicle.

What is the offsetting entry in QBO?  Paid in full via bank draft at time of purchase.

lorib1
Level 1

How do I enter a vehicle purchase paid in full using cash basis in QuickBooks Desktop? help please

HI,

This worked to reconcile QB to bank statement, but by doing so has reduced my QB bank balance by said debit value.  

Used service vehicle was paid for in full at time of purchase via bank draft.

 

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