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I used business funds for the down payment of my new car but all monthly payments are being paid with my personal account. I do claim mileage in my business but nothing else (fuel, maitenance, etc). How should I enter/set up the cash used for the down payment? I don't know if I should be setting up a fixed asset or applying it to an owner disbursement or? Thanks for any assistance!
Solved! Go to Solution.
This would be an Owner Draw against Equity (Balance Sheet)
This would be an Owner Draw against Equity (Balance Sheet)
Thanks so much! I wasn't sure if it was something that could be claimed in any way when doing the mileage deductions.
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