Solved: Setting up new vehicle purchase with a loan and downpayment

ReyJohn_D · ‎January 14, 2021

Help has arrived, Andy!

Yes, you can pull up the Fixed Assets account on your Balance Sheet report even without the Fixed Assets Manager (FAM). Just make sure it contains transactions so it will appear in your report.

Then, you can customize it further to get the specific details you need. Here's how to do it:

Go to the Reports menu, and then choose the Balance Sheet report from the Company & Financial section.
Click the Customize button, and then select the Filters tab.
Choose the Account filter, and then select All fixed assets from the drop-down.
Click OK when you're ready.

You can also memorize this report to save a copy for easy future access.

Feel free to mention me in the comment section if you have more questions about managing fixed assets in QuickBooks. I'm here to help you. Have a great day!

DrainageGuy · ‎February 22, 2021

I tried this in 2018 Desktop Pro and it kept rejecting it stating it would not accept a negative number

King-Brown · ‎April 27, 2021

Hello,

Sorry for the late response, is "Loan Interest" the same as the [8100 - Interest Expense] account in QBDT Premier?

victoriah1956 · ‎October 24, 2023

Hi Rustler,

I have followed your advice regarding this process successfully, except our purchase of a vehicle also included a $10,000 "loan" from me to my husband for the majority of the downpayment for the vehicle. Hubby put $2,000 down, for a total of $12,000 down. I do want to set up the $10,000 as a liability account as he is repaying it monthly. How would I record this in QBDT ?

In addition, the Bill of Sale has the Extended Warranty amount and the GAP insurance, sales tax, fees, etc. which was all financed. Should these other items be categorized in the check (expenses) as well, when I record the purchase of the vehicle? (I do know how to set the accounts up, IF I need to). Thanks for your response.

Victoria H.

victoriah1956 · ‎October 24, 2023

Hi Rustler,

I have followed your advice regarding this process successfully, except our purchase of a vehicle also included a $10,000 "loan" from me to my husband for the majority of the downpayment for the vehicle. Hubby put $2,000 down, for a total of $12,000 down. I do want to set up the $10,000 as a liability account as he is repaying it monthly. How would I record this in QBDT ?

In addition, the Bill of Sale has the Extended Warranty amount and the GAP insurance, sales tax, fees, etc. which was all financed. Should these other items be categorized in the check (expenses) as well, when I record the purchase of the vehicle? (I do know how to set the accounts up, IF I need to). Thanks for your response.

Victoria H.

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Setting up new vehicle purchase with a loan and downpayment

Setting up new vehicle purchase with a loan and downpayment

Setting up new vehicle purchase with a loan and downpayment

Setting up new vehicle purchase with a loan and downpayment

Setting up new vehicle purchase with a loan and downpayment

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