how to enter a vehicle purchase in quickbooks
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- Опубліковано 22 бер 2019
- This is a short video with the steps on how to properly enter a vehicle purchase in your business books.
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Thank you so much for this presentation, You were so detailed, you saved me.
Great video! So very useful to show my clients how important it is to title a vehicle in the name of the business.
Thank you for sharing that. :)
Very Helpful; Thank you for taking your time to do this!
so glad you enjoyed it! :)
This video is green I am from Miami student in college and this is very helpful in learning things about businesses and the financial side is used on quick books
Thank you Frankie!
Thank you this was very helpful
Hello Linda
Can you tell me how to record a lease truck on quickbook correctly, at the end of the lease I have the option to buy it out. My accountant told me is not an asset, is a expense.
Hi Linda, great video!! However, how do you account for the taxes that are included in the total loan amount? Thanks! Randall Hall
BEST RIDES TEXAS LLC Do you mean the sales tax? That’s included as the total price of what you’re purchasing. Just like any other expenses. Unless you’re in Canada, and the US whatever the cost of the item you’re purchasing including sales tax is the total of the expense. In this case it’s part of your asset.
My parents have a cat exactly like yours. They gave him a lion cut and it looked exactly like this! They call him Melon because he's a big fluffy boy.
Orange cats have the biggest personalities! Love the name Melon!
Linda, thank you for the video. I realized that my asset purchases have been entered incorrectly. I have 4 work vans under the company name and 1 truck under my name that I use for work. All are paid by the company. Some were purchased in 2017 (4yrs ago). What do you recommend, should I edit the transactions in the past or just leave as an expense?
I recommend speaking with your tax professional to get guidance as this will affect tax returns from the past.
Hi Linda - Thanks for putting this video together. Can you tell me though what type of account is Truck on your journal entry ? Is it an expense account or liability ? Thank you.
The truck is an asset. The loan is a liability.
Hi Linda, great video!! I was wondering how I should enter the licensing, title fee and all those fees... I should enter them in the asset account or as an expense?? Thanks in advance!
They should just go to auto/registration fees or something like that. They are usually less than 2.5k so they are not part of the asset.
Thank you so much!!!
Since we traded in the vehicle, we’d have to write the other truck off of the balance sheet. Would the credit of $1,500 be part of that write off?
I would do a separate transaction to remove the truck that you are writing off. Contact your accounting professional for the correct journal entry.
Linda, do you have a video on how to add a vehicle as an asset that was purchased and titled in owners name prior to the business being create and the vehicle then being put into service for the company this year?
I do not have a video like that. Did the business purchase the vehicle from the owner?
Hi Linda,
I would like to know that I (owner) took loan from my personal checking account to purchase a business vehicle. I paid off that loan from business account but I'm not sure how would I make entries to all these transactions? I took the loan last December and start my business as S Corp this year. Can you please guide me how to enter loan transaction, reimbursement of it and after its paid off or withdrawn from the account.
Thanks!
What is important is who is the vehicle titled? The business or you directly?
Are the other categories like the service fees a sub account of the truck?
depends on what the service fee is. Is it for maintenance on the vehicle? You can make an acct for that.
Do you need to create a journal entry for a vehicle paid by the business from a business account? Or do I just add it as an asset?
*paid in full
@@bunchesofdents you don't need a journal entry in this case.
Thanks so much!!
hai! thank you for this very informational video! i hope you see this because i have a question. would it make sense to record a vehicle purchase that was not in my name or the business name? the business account was not used, it was purchased cash.
who owns the vehicle?
@@artesani It’s owned by my cousin
Then, why would you put the truck on the books? Unless the company is going to buy it from your cousin you don’t need to place the vehicle on your books.
@@lyndaartesani2653 Ah okay makes sense. Unless the company buys it from my cousin. The vehicle is used for business purposes and was purchased with my cash so I was just curious on if it was possible
I just need a simple "set up auto loan" for a vehicle purchase.
Debit the vehicle (asset) credit the loan.
What about tax that you paid? How do you treat tax amount into Journal entry?
do you mean the sales tax? That is considered part of the cost of the goods (purchase) and is not separated.
Hello, Your video was very helpful but I have questions. Can you help? I entered a car loan in Quickbooks but I need you help. Car full price was $53791.46. I debited Fixed account asset the price of $53791.46. Downpayment of 22000 was credited to bank and total to be financed was $31791.46. I opened a liability account for that amount but it shows the finance charge was 5138.78 total to be financed it's $36930 . Do i debit or credit the finance charge but if I enter the finance charge it's off. How can I record the finance charge and what accounts do I use? thanks for your help!!
join our facebook group QB Community Live. We answer questions there. facebook.com/groups/qbcommunitylive/
my screen looks nothing like this! How do you do this in quickbooks online in 2021?
Are you using QB desktop? This is for QB Online. Just enter it as a journal entry. The concept is the same.
Hello! My husband bought a truck that is on his name, not the company. How we are to enter the purchase in QB?
You don’t. Any vehicle on by the company should be titled in the companies name.
Our company purchased 2 vehicles in our personal name rather than the business. One of them was in an accident and the insurance paid it out. The other vehicle we paid off personally. How do we show that in Quickbooks?
personal vehicles should not be booked onto a business's records.
I would check with your tax professional for guidance on how to enter these. They are probably not on your books per the tax return.
@@artesani Thank you. I have reached out to her.
Please help. I purchased a business for the vehicle, in my personal name. The vehicle cast $30,000 out the door, and I paid $5000 on credit card, and $25000 with check. The car is paid in full. How do I record this, please? Thank you!
If the 5k and 25000 are for the asset, it would go against the asset. Is the vehicle titled in the name of the company? It needs to be to put it on the books.
Hi vechile in owner name not company name psying loan off still
@@esmareldafortuin5741 If it is not titled in the business name, it cannot be put on the books. I suggest you speak with your tax professional.
@@artesani Thank you for your response. I just updated the title to be in the company name. Can you please tell me how to enter this in QB online? The vehicle is paid off with the company as the owner of the title
how to register a truck purchase in cash (checking account) ?
anibaldelacruz are you reimbursed from the company for this truck? Where did the cash come from? If personal, use the owner equity acct (depends on your business type and will vary).
@@lyndaartesani2653 Company purchase a 2nd hand Vehicle from ordinary person with agreed amount of $32K and paid by company cheque. How to record miss lynda? 😊
And the newly purchased vehicle registered under Company name. I just want to know how to exactly record it with depreciation. 😊Pls advise.
@@yaoheng571 it would get booked straight to the asset.
What if the vehicle was purchases cash
Cash makes no difference other than there is no loan.
That is not a vehicle purchase....that is a sale!
You didn't actually show how to enter the purchase
stop talking around it. You have your intro in your title. Present what you are going to teach and get to it.
Thank you for your advice.