We just traded in an old truck for a new one and paid cash for the balance. Both trucks were recorded as assets. How do we record the transaction with the trade in?

Hello, potomacvalleyorg.

Recording trade transactions in QuickBooks Online involves creating a trade/barter bank account. You’ll also need to create invoice and bill track the product you are bartering.

For the detailed steps about this process. Please refer to this article: https://quickbooks.intuit.com/community/Help-Articles/How-to-record-a-barter-transaction/m-p/185407

It'd be best as well to check your accountant prior from recording this. 

 
You’re always welcome to drop by again if you have other concerns about QuickBooks.
 

Hmm, thanks but I'm not sure I follow. How do I record the removal of the old truck, which I have under Fixed Assets - Vehicles?

Hi Malcom. I followed your instructions (helpful, thanks), but have a question. Here are the steps I took.

Purchase price on New Truck was $50,000 and I paid Dealer $32,000.00 via check. I created Fixed Asset Account - New Truck. I debited bank account $32,000 via check to dealer and credited  Fixed Asset Account - New Truck.

Before trade, Old Truck Fixed Asset Account had balance of 19,939.00 and I traded it in for $18,000.00. I debited Old Truck Fixed Asset Account $18,000.00 to New Truck Fixed Asset Account, so now that account is $50,000.00. There is thus a balance in Old Truck Fixed Asset Account $1,939.00.

So, how do I account for the $1,939.00? I think it's where you wrote "Debit Loss on Disposal of Fixed Assets (other expense account)," but I can't find an account similar to that description in QB.

Thanks.