How to record new vehicle purchase, downpayment, trade in, dealer payed off balance of old vehicle

It's good to see you here, @Richbat!

Let's create a new account, a vendor profile, and record your vehicle loan in QuickBooks Desktop.

First, here's how to create a new account for your vehicle loan:

1. Go to Lists.
2. Select Chart of Accounts.
3. Hit Account.
4. Choose New.
5. Under Other Account Types, select Other Current Liability.
6. Select Continue.
7. Enter Vehicle Loan in the Account Name field.
8. Click Save & Close.

After that, you'll have to create a new vendor as the dealer of your vehicle loan. Here's how:

1. Go to Vendors.
2. Select Vendor Center.
3. Choose New Vendor.
4. Enter Vehicle Dealer in the VENDOR NAME field.
5. Click OK.

Once completed, here's how to you can create a new asset account for your vehicle loan:

1. Go to Lists.
2. Select Chart of Accounts.
3. Hit Account.
4. Choose New.
5. Under Other Account Types, select Other Current Asset.
6. Select Continue.
7. Enter Vehicle Loan Item in the Account Name field.
8. Click Save & Close.

And then, you can write checks to pay your vehicle loan. Here's how:

1. Go to Banking.
2. Select White Checks.
3. Choose your bank account use to pay your loan.
4. From the PAY TO THE ORDER OF field, select the vendor you recently created.
5. Under Expenses, select the liability account you recently created.
6. Enter the total amount (25905) you paid for your vehicle loan.
7. Click Save & Close.

This way, you'll be able to record your vehicle loan. In addition, I've included our detailed guide in recording and tracking your vehicle loan.

However, I'd still recommend contacting your accountant. He/she will guide you further in recording your vehicle loan and payments to your QuickBooks.

Let me know in the comment section below if you have any other questions about QuickBooks Desktop. I'll be always around to help.

this entry doesn't manage any of the prior vehicle traded - or cash down payment