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helena_gracia
Level 1

Cash Basis on purchasing 2nd hand company car

Hi,  I would like to ask assistance from you.   It is like  our company  purchased a second hand car and paid it via cash handed over to a seller.   How will I encode this in the quickbooks.  

2 Comments 2
SarahannC
Moderator

Cash Basis on purchasing 2nd hand company car

Hello there, @helena_gracia.

 

In QuickBooks Online, there are ways to record your second-hand car purchased by your company.

 

One way is to record it by creating a check. Here's how:

 

  1. Go to the +New button.
  2. Select Check
  3. Enter the necessary information.
  4. Choose the correct Bank/Credit Account.
  5. Under the Category drop-down, choose the asset account, and enter the Amount.
  6. Click on Save and Close

 

If you haven't categorized the vehicle into an Asset account, you can follow the steps below. Before proceeding, I'd highly recommend consulting with your accountant to make sure that this is recorded properly to avoid errors in the future. They can also share other ways to input this into the system.

 

  1. Go to the Accounting menu.
  2. Within the Chart of Accounts tab, select New.
  3. Under Account type, select the appropriate type of account.
  4. Enter the name of the account.
  5. Click on Save and Close.

 

If you're looking for an accountant, you can find one by checking out this article: Find an accountant or bookkeeper.

 

You'll want to visit our articles for ideas in managing your account and other related tasks: View all help articles.

 

Please let me know if you have follow-up questions. I'm always around to help, helena_gracia. Take care and have a good one.

helena_gracia
Level 1

Cash Basis on purchasing 2nd hand company car

Hi @SarahannC,  thank you  very much.  

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