Hello,
In January we started fresh with Quickbooks for our company. We have several vehicles and equipment with existing loans. I understand how to set up a loan if its new I took a course and have instructions. However, I'm not sure how to have the fixed asset account reflect the original amount of the vehicle in order to track the business' assets. Do I enter the loan origination date if its more than 90 days in the past? How then would Quick Books track the funds already paid in the previous years (we're about halfway through payoff). In the journal entry do I enter the existing balance of the loan? Or the original balance? Do I lump together the downpayment with the amount already paid and enter that somewhere in order to get the original value of the vehicle?
I appreciate any insight or instruction in this matter.
