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- Jul 28, 2014
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Hello:
Our company purchased a new vehicle using a trade-in and a loan. In QB how do I depreciate the balance of the old vehicle, record the new vehicle as an asset, pay off the old loan and enter the new loan?
Old Vehicle:
Amount Financed - 58,379.52
Loan balance remaining - 35,811.00
Amount remaining on depreciation end of 2013 - 37,947.00
New Vehicle:
Amount financed - 46,802.40
Trade in allowance - 32,000.00
Down payment - 0.00
Please not we did not get any trade in value towards the purchase of the new vehicle as we were upside down on the loan. The seller had to put 3,811.00 towards the payoff of the original vehicle which was added to our total loan amount for the new vehicle.
Thank You
Miriam
Our company purchased a new vehicle using a trade-in and a loan. In QB how do I depreciate the balance of the old vehicle, record the new vehicle as an asset, pay off the old loan and enter the new loan?
Old Vehicle:
Amount Financed - 58,379.52
Loan balance remaining - 35,811.00
Amount remaining on depreciation end of 2013 - 37,947.00
New Vehicle:
Amount financed - 46,802.40
Trade in allowance - 32,000.00
Down payment - 0.00
Please not we did not get any trade in value towards the purchase of the new vehicle as we were upside down on the loan. The seller had to put 3,811.00 towards the payoff of the original vehicle which was added to our total loan amount for the new vehicle.
Thank You
Miriam
