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Home   Help with Intuit Products   Ask the Expert Event   Ask the Expert: Jim Savage (Archived)  
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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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04/17/09 7:28am PDT

Recording a transaction where no money has passed thru the system

US QuickBooks Premier : 2008: Manufacturing & Wholesale

Bought a vehicle hire purchase, before it was paid off the same vendor sold it for us therefore clearing off the loan but no money passed. How do we enter this transaction in QB

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04/17/09 2:54pm PDT
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Probably a journal entry. I'm not sure if you had the vehicle on the books as a fixed asset, but the journal entry would be to debit the loan amount and credit the fixed asset. You may want to check with your accountant as far as tax implications.

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