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RhondaL
Level 4

What is the best way to record a vehicle purchase? Trade in for current business vehicle and cash balance.

 
1 Comment
Emily M
QuickBooks Team

What is the best way to record a vehicle purchase? Trade in for current business vehicle and cash balance.

Happy Monday, @RhondaL.

 

You’ve reach the right place to record a vehicle purchase. There’s a couple ways to record the expense.

 

The first option is recording the expense by creating a check.

  1. Click on the Plus (+) icon, choose Check.
  2. Enter the necessary information.
  3. Choose the correct Bank/Credit Account.
  4. Under the Category drop-down, choose the asset account, and enter the Amount.
  5. Select Save and Close

The second option is by creating a Journal Entry.

  1. Find the Plus icon, Click Check.
  2. Enter the necessary information.
  3. Choose the correct Bank/Credit Account.
  4. Under the Category drop-down, find the asset account, and enter the Amount.
  5. Click on Save and Close

 

You may also want to consult with an accountant to ensure it’s recorded the best way for your business needs.

 

I’m always here to lend a helping hand. Feel free to reach back out if you have any other questions.

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