Auto Loan from Personal Funds QB Desktop

Hi there, @calivalley. I'd be happy to assist you in recording your vehicle expenses in QuickBooks Desktop. 

To record the portion of the vehicle payment made with your business credit card, you can enter it as credit card charges. Here are the steps:

1. From the Banking menu, select Enter Credit Card Charges.
2. Choose the credit card account from the Credit Card drop-down list.
3. Select the vendor from the Purchased From ▼ drop-down menu and enter the date.
4. Click the Expenses or Items tab and enter the expenses/items you want to track.
5. Select Save & Close.

Once you've completed these steps, you can write a check to pay it using your business checking account. For detailed guidance, you can refer to this article: Set up, use, and pay credit card accounts.

To record the other part of the vehicle payment using your personal funds, we can create a journal entry. Let me show you how:

1. Go to the Company menu and select Make General Journal Entries.
2. On the first line, select the expense account for the purchase and enter the purchase amount in the Debits column.
3. On the second line, select Partner's equity or Owner's equity.
4. Enter the same purchase amount in the Credits column.
5. Click Save and close.

If you want to reimburse the money, you can write a check and make sure to select Partner's equity or Owner's equity in the Category column.

With regard to your queries if you need to separate the amount for the actual vehicle, dealer charged for tax, licensing, and fees, I'd suggest getting in touch with your accountant. They can provide you guidance in make sure your records in QuickBooks is accurate.

Moreover, let me also share this resource to help you record future loans in the program: Manually track loans in QuickBooks Desktop.

Feel free to reach out if you have any further questions. I'm always here to assist you. Have a great day!

Thank You so much for the information! I do need some clarification, however. Wouldn't the vehicle be a Fixed Asset? So the expense account that I would be using for the partial payment on the Credit Card would reflect on the books as adding to the value of the asset? Would that be another journal entry?

Also, do I need to separate the tax & fees from the dealer, or lump it all into the value of the vehicle?

Since you used both business and personal funds for this purchase, the proper way to record it will depend on your business structure.  Sole proprietor, corp etc.

@calivalley 

The journal entry to record this is below.  Use your owner's equity account (you will need to determine the appropriate account based on your business type) for the amount that was paid from your personal funds.  The cost for sales tax, licensing, and fees should be capitalized into the vehicle's cost.  For illustration purposes, I will assume the following:

Vehicle price - $50K

Sales tax, license, fees - $5K

CC charge - $20K

Amount paid personally - $35K.

This was just what I needed, thank you!

I am a sole proprietor. I will need a depreciation account for the fixed asset, too, correct? Would you mind please helping me with this as well? Thanks in advance!