Record company vehicle Loan Payoff

at the start of this, you should have created a fixed asset type account called van and a sub account called annual dep van

the down payment and the loan starting balance are entered as a debit to the fixed asset van account and credits to the bank and liability account

then you pay down the loan

Hi there, @Anonymous. I'm here to help you handle vehicle loans and loan interest in QuickBooks Self-Employed (QBSE).

QBSE is designed to help you track your income, expenses, mileage, and tax info. You use a Schedule C form to report your self-employed income and expenses. Each time you categorize a transaction, QBSE matches it to a line on your Schedule C. 

You use the Car and Truck category to categorize your vehicle loan payments and loan interest expense. Additionally, you have to make sure to mark them as business.

Here's how to categorize your expenses:

1. Go to the Transactions menu.
2. Find a transaction on the list.
3. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, select Split.
4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.
5. If you need to change the category, select the category link. Select a general type, and choose a more detailed category.
6. When you're done, select Save.

You can read these articles for more information about the different categories for Schedule C and an overview of QBSE:

• Schedule C and expense categories
• QuickBooks Self-Employed Overview

Additionally, if you track miles, you should enter your vehicle info.

We're always here to answer if you have any follow-up questions about classifying your income and expenses. Take care always.