Trading in a vehicle


M

ME

I just traded in one transport truck for another, with one year left on
loan..there was a buy out paid and then a lease for the new one

what is the best way to record this using qb 2009?

tia
 
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H

Haskel LaPort

ME said:
I just traded in one transport truck for another, with one year left on
loan..there was a buy out paid and then a lease for the new one

what is the best way to record this using qb 2009?

tia
How were you accounting for the first truck? What are the terms of the lease
for the new truck. The question is a tax question and will be the same for
any accounting system be it manual or computerized.
 
M

ME

the first truck is in as a LT Liabilty. If anyone has guidence i would
apprieciate it. I just want to know how to tie up the first and incorporate
the next. How to enter into qb.
 
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H

Haskel LaPort

How about the new lease? Is it a operating lease or a capital lease? Was the
buy out equal to the liability left on the books?
 

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