How to Set up a Car Loan in QuickBooks

Everyone is having wishes and most everyone wants to have a car. A car is one of the biggest parts of anyone’s life, for that maybe you need a loan which is known as a car loan.

Today we will discuss the below topics

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Entering a vehicle purchase in QuickBooks

Do you also need to enter the details of the newly purchased vehicle to QuickBooks? How to add where to add? if these questions are arising to your mind then this article is for you.

Entering a purchase for vehicle: Setting up an asset

Follow below points

  • Go to gear Icon then Chart of accounts
  • Click on New on the top right side
  • Select Fixed asset under Category type
  • Select details type of asset
  • Give the name to account
  • For the Questions click yes or no
  • Fill the cost fields
  • Click finish once it is completed

Set up loan for vehicle purchase

  • Go to the Gear icon
  • Select the chart of accounts
  • Select long term liability or other current liabilities
  • Choose the details type of current liabilities or long term liability
  • Give the name to the account, You can name it anything like a car loan, etc.
  • Any unpaid balance should leaved as blank
  • Save it

How to Setup a loan in QuickBooks

You can easily set up the loan in QuickBooks :

Set up a liability account

  1. Go to settings, select chart of accounts
  2. Select new to create a new account
  3. From the accounts select drop-down menu and select non-current liabilities. Select other current liability if you want to pay the loan by the end of the current financial year
  4. Go to details type and select loan payable
  5. Give the account a name such as “car loan”
  6. Select from where you want to start tracking the finances, In balance field, enter the amount, and determine the date. Enter the current date if you want to track from the current date
  7. Enter the complete amount as a negative amount in the Amount field.
  8. Save and close

Track the money you got from the loan

You can enter all the amount once or as the way you get them

  • Select plus New
  • Select Journal entry
  • Select a liability account just created from the account drop down. Fill the loan amount in the credit column
  • Select proper asset account from the Account drop down. Enter the same loan amount in Debit field

Record a loan

  • Select +New
  • Cheque
  • add a cheque number if you send a cheque, if you use direct withdrawal, or EFT enter debit or EF in the cheque field
  • Enter the below information
  1. liability account for the loan and the amount of payment
  2. expense account for interest and amount
  3. any additional fee with the appropriate account
  • Save and close

How to contact us

For more information feel free to get in touch with the QuickBooks support team by dialing above number. The support team is available 24*7 to help out your issues at any time. Alternatively, email and our support members contact you shortly with the resolution. QuickBooks support team is professional, polite and experienced in the same domain to sort out your issues in a given time with complete satisfaction and security.

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