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Level 1

How do I enter into Quickbooks a new 100% business vehicle loan with balance of previous non 100% business use vehicle?

How do I enter into Quickbooks a new 100% business vehicle loan with balance owed pm trade in previous  personal/ business use vehicle?

 

I purchased a new vehicle which will be 100% business use only. We owed more on the trade in vehicle than what it was worth. The previous vehicle was used for personal and business. 

 

For easy math.

New Vehicle:$50,000

Trade in Vehicle Owed:$4,000

 

Please advise: Account Set Up and Entries.

 

Thank you in advance. 

1 Comment
Level 15

How do I enter into Quickbooks a new 100% business vehicle loan with balance of previous non 100% business use vehicle?

Assuming your company is NOT taxed as a c- or s-corporation

 

create  a fixed asset account named for the new car

 

journal entry for the trade in

debit fixed asset car 4K, credit owner equity investment

 

the remaining 46K, you do not say if you paid cash in full, took a loan out, some combination of both?

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