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20lkctm19
Level 1

How would a business add a new vehicle to the books that was acquired via barter?

 
2 Comments 2
LeizylM
QuickBooks Team

How would a business add a new vehicle to the books that was acquired via barter?

Hi there, 20lkctm19. I can help you record your trade-in transaction in QuickBooks Online (QBO).

 

You'll have to create a fixed asset account and create an item connected to the  asset account.

 

Here's how to create account: 

 

  1. Go to the Gear icon at the top.
  2. Under Your Company column, choose Chart of Accounts.
  3. On the top right, select New.
  4. From the Account type, select either Fixed Asset.
  5. Select the detail type that best describes the asset (Vehicles and Equipment).
  6. Name the account.
  7. If you mark the Track depreciation of this asset box, the system will automatically create a Depreciation sub-account for the item.
  8. Fill in the original cost fields.
  9. Select Save and Close.

 

For additional information, you can refer to this article: Set up an asset account in QuickBooks Online.

 

After that,  you can now use the item you've made on the invoice. You can check this article to know more about recording a barter transaction: Record a barter transaction.

 

I'm adding this article that will guide in recording asset depreciation and how to create an account to track this:  Record and depreciate assets.

 

Feel free to welcome to send a reply if you have any additional question about barter. Have a great day!

Rainflurry
Level 15

How would a business add a new vehicle to the books that was acquired via barter?

@20lkctm19 

 

It depends on what was exchanged for the vehicle.  Was it a future service obligation, an asset, property owned personally, or something else?

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