I have read the forms and I am a little confused on how $0 old loan when I traded my old truck in for a new Truck.
Here is my what I currently have in QB:
Traded 2018 Truck for a New 2020 Truck
Old Loan had a Balance in QB of $34,925.54 set up as a Other Current Liability (I did not set up a Fixed Asset Account, is this something I should go back and do? Original Loan Amount was $49,053.94 with a trade in equity of $6500 from the Previous Truck) Now that this loan is paid off how do I $0 it out?
New Truck Purchase Price 73,417.30 - Trade In Equity of $5074.26 so totaled Financed $68,343.04
So I need to know how to set this all up in QuickBooks. I am getting a little confused when it comes to the Fixed Assets and Deprecation, I know how to set up the new Bank Loan but just not sure how to $0 out the old loan.
Thank you for any help in advance
