Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

COMPANY BOUGHT AND SELLING TO VENDOR

The company bought a car and now is selling to a contractor on monthly payments

Solved
Best answer March 06, 2019

Best Answers
Community Champion

COMPANY BOUGHT AND SELLING TO VENDOR

Buying it created a Fixed Asset. If you held it and used it you would take depreciation to recover cost. If title transferred Create a sales receipt for selling price and reduce it by the Current Asset private loan amount.  Each month contractor pays you apply to principal and interest. You can instead apply amounts you owe him for work but it gets more complicated, best to have a paper check trail to follow. Otherwise you may have wrong 1099.

 

 

View solution in original post

1 Comment
Community Champion

COMPANY BOUGHT AND SELLING TO VENDOR

Buying it created a Fixed Asset. If you held it and used it you would take depreciation to recover cost. If title transferred Create a sales receipt for selling price and reduce it by the Current Asset private loan amount.  Each month contractor pays you apply to principal and interest. You can instead apply amounts you owe him for work but it gets more complicated, best to have a paper check trail to follow. Otherwise you may have wrong 1099.

 

 

View solution in original post

Need to get in touch?

Contact us