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IAMPLINK
Level 2

Paying Employee Car Loan

As a term of employment, an agreement was made to make the monthly loan payment for an employees vehicle as it is utilized quite often for company use, how do I classify that in QBDT?  Technically, it's not a company car, ergo, shouldn't be entered into the books as a company asset. (Nor are there loan documents to enter it as a liability).  Payments are auto deducted twice a month directly to the financial institution that holds the loan, not to the employee.   Thanks

 

Solved
Best answer January 22, 2022

Best Answers
Rustler
Level 15

Paying Employee Car Loan

Technically the business is renting the car, use a rental expense account for the loan payment

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1 Comment 1
Rustler
Level 15

Paying Employee Car Loan

Technically the business is renting the car, use a rental expense account for the loan payment

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