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Level 1

How do I enter a vehicle purchase paid in full using cash basis QBO?

 
4 Comments
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Level 7

How do I enter a vehicle purchase paid in full using cash basis QBO?

Credit cash for the amount of the purchase and debit a fixed asset account.

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Level 3

How do I enter a vehicle purchase paid in full using cash basis QBO?

So just to confirm, I wrote a check for the cash paid for the vehicle purchase and then posted it against Asset I set up for the vehicle purchase, is that correct and all that's needed to record the expense & the asset?

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QuickBooks Team

How do I enter a vehicle purchase paid in full using cash basis QBO?

Hey there, @lauriedtriano.

 

There are multiple ways to record your vehicle expense. One way is to record the expense by creating a check. Let me guide you how:

  1. Click on the Plus (+) icon, choose Check.
  2. Enter the necessary information.
  3. Choose the correct Bank/Credit Account.
  4. Under the Category drop-down, choose the asset account, and enter the Amount.
  5. Click on Save and Close

You can view the Transaction Journal by opening the check and clicking on More. This way, you can verify that the expense was recorded under the corrects accounts. 

 

Another way to record the expense is by creating a Journal Entry as suggested by @QBsguru.

 

If you have other questions, feel free to comment below.

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Level 3

How do I enter a vehicle purchase paid in full using cash basis QBO?

I have a similar situation, wondering if you wouldn't mind verifying I do this correctly. I have the amount I paid for a truck as a withdrawal in my bank feed, ( I withdrew the amount, and paid the seller cash) Do I create a bill for a fixed asset, being the truck, and then pay the bill with the bank feed transaction?

 

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