How to Set Up Auto Purchase and Loan?
If I purchase an auto for business, how do i set that up in QB?
I paid cash partially and am paying off the balance from the company.
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1 Reply
05/19/11 7:34pm PDT
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Make General Journal Entries to Record Purchase and Down Payment
Example:
1. Record GJE for Purchase:
Dr. Vehicles-Fixed Asset $30,000.00
Cr. Vehicle Contract Payable $30,000.00 Original Purchase Price
2. Record GJE for Down Payment (If you paid this from Company enter the Check)
Dr. Vehicle Contract Payable $10,000.00
3. Making Payments:
When you Write Checks to Make Payment under "Account" on Check Stub
Post to Vehicle Contract Payable
Hope this helps.
