@SEL Construction2 

The opening balance is an option in QB Enterprise, Desktop, and Online versions.  The potential issue when entering an opening balance is that QB offsets that to Opening Balance Equity (OBE).  If the fixed asset opening balance is the same as your loan payable liability opening balance, then the two will offset and the OBE will be $0, which is what you want, so that's fine to do it that way.   If they are unequal amounts (you financed less or more than the full vehicle asset cost), you're going to have a balance in OBE, which you don't want.  So, if the vehicle fixed asset cost is different than the original loan payable balance, then you should make a journal entry because you need to record the difference between them to the proper account: cash if you made a down payment or, if a trade was involved, the trade's fixed asset and depreciation accounts as well.