Auto Loan

You'll only need to record the amount financed when setting up auto loans, llee75. I've got steps to help you set up and track the amount borrowed in QuickBooks Online.

If you haven't yet, you'll have to create a liability account to record the loan amount. Then, record the money you got from the loan. To do this:

1. Go to Settings and select Chart of Accounts. Then, click New to create a new account.
2. From the Account Type dropdown, select Long-Term Liabilities. Please note that if you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities.
3. Under the Detail Type dropdown, select Notes Payable and enter a relevant name, like Auto Loan.
4. Choose when you want to start tracking your finances. Then, in the Balance field, enter the amount in the account and determine the as of date.
5. Once done, click Save and Close.

Once a liability account is created, here's how you can record the amount you got from the loan directly to your bank account:

1. Click on the +New icon and select Journal Entry.
2. Select the liability account created on the first line and enter the amount borrowed in the Credits column.
3. Select your bank account on the second line and enter the same loan amount in the Debits column.
4. Then, click Save and Close.

Please ensure you've reached out to your accounting professional when doing this process. They can provide you with proper financial guidance and help review your accounting records.

If you're ready to pay back the amount you've borrowed, you can follow Step 3: Record a loan repayment outlined in this article: Set up a loan in QuickBooks Online.

Furthermore, if you want to track assets you've bought today, you can track and record their depreciation values. It includes information on how you can review your assets regularly or the things your company owns.

We'll keep this thread open if you require additional assistance managing your accounts, llee75. Feel free to leave them in the comments below. Have a good one!