Hi Candus, I'm having trouble with this because the previous bookkeeper added the owners vehicle only in the journal entry, and did an account in the chart of accounts, then the owner went and trade it in but there is no paper trail of that trade. He can't remember how much the trade in value was because it was done back in 2016 but unfortunately it still show in the balance sheet as a 40,000 balance. Can you help me?
Hi, Thanks for watching our video. If you're interested in more in-depth training on this topic, I'd recommend emailing us at support@canduskampfer.com. Our team will share the different ways we can support you through our QuickBooks trainings 🤗 We’re happy to have you a part of our community, Have a great day, Samantha, Team Candus
Hi Candus. Thank you for making this video. I am finding it very helpful. I do have a question... at the 3:27 mark, you talk about what numbers and math need to be used/done to find out the "gain/loss" on the asset. However, on the google sheet you show a little later in the video (specifically in the journal entry breakdown section of that sheet), the number you got as a gain/loss ($12,878.42), is listed beside "trade in on RAM-Ford Asset" and the "Gain/Loss" line in that section is blank. This is confusing to me. Are those two labels "trade in on RAM-Ford Asset" and "Gain/Loss" one in the same thing?
Hi, Thank you for watching our video. I'm so glad to hear you've found it helpful! If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
That's a great question! In the video, we had a few extra variables. The trade-in allowance vs book value and we ended up reducing the new asset instead of using gain or loss. I left the line for gain/loss to explain when to use it and to show where it would go. If you have a complex transaction I'd recommend checking with your tax professional how they'd prefer you track it. Thank you for watching my videos 🤗
If you want to show a vehicle on consignment and wondering how to resell same customer a new vehicle and give record the sales tax credit for the consignment against the sale of new vehicle?
Hi Adrian, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
How do you do the entry if you are paying cash and have a down payment?
Teacher can you explain : how to use( if and or) formula in the Excel and how can do financial statements entire in the Excel..???
Hi Candus, I'm having trouble with this because the previous bookkeeper added the owners vehicle only in the journal entry, and did an account in the chart of accounts, then the owner went and trade it in but there is no paper trail of that trade. He can't remember how much the trade in value was because it was done back in 2016 but unfortunately it still show in the balance sheet as a 40,000 balance. Can you help me?
Hi,
Thanks for watching our video.
If you're interested in more in-depth training on this topic, I'd recommend emailing us at support@canduskampfer.com.
Our team will share the different ways we can support you through our QuickBooks trainings 🤗
We’re happy to have you a part of our community,
Have a great day,
Samantha, Team Candus
Hi Candus. Thank you for making this video. I am finding it very helpful. I do have a question... at the 3:27 mark, you talk about what numbers and math need to be used/done to find out the "gain/loss" on the asset. However, on the google sheet you show a little later in the video (specifically in the journal entry breakdown section of that sheet), the number you got as a gain/loss ($12,878.42), is listed beside "trade in on RAM-Ford Asset" and the "Gain/Loss" line in that section is blank. This is confusing to me. Are those two labels "trade in on RAM-Ford Asset" and "Gain/Loss" one in the same thing?
Hi,
Thank you for watching our video.
I'm so glad to hear you've found it helpful!
If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
That's a great question! In the video, we had a few extra variables. The trade-in allowance vs book value and we ended up reducing the new asset instead of using gain or loss.
I left the line for gain/loss to explain when to use it and to show where it would go.
If you have a complex transaction I'd recommend checking with your tax professional how they'd prefer you track it.
Thank you for watching my videos 🤗
How do I make a journal entry to enter RECAPTURE OF CAPITAL COST ALLOWANCE? Thanks!
If you want to show a vehicle on consignment and wondering how to resell same customer a new vehicle and give record the sales tax credit for the consignment against the sale of new vehicle?
Can't do Sec 1031 after 2017 TCJA, the gain or loss must be recognized, no longer deferred
Hi Adrian,
Thank you for watching our video.
If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
great video though 👌
Hi if I have sever trucks can I make a subtitle for loan trucks or original cost ?