This is a short video with the steps on how to properly enter a vehicle purchase in your business books. If you need more help, visit our website: www.artesanibo... Join our Facebook Group: / qbcommunitylive
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@danamiriamricardo7619Ай бұрын
Thank you so much for this presentation, You were so detailed, you saved me.
@tlinton53 жыл бұрын
Great video! So very useful to show my clients how important it is to title a vehicle in the name of the business.
@artesani3 жыл бұрын
Thank you for sharing that. :)
@frankiemelero60083 жыл бұрын
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
@artesani3 жыл бұрын
Thank you Frankie!
@cynbusta2 жыл бұрын
Very Helpful; Thank you for taking your time to do this!
@artesani2 жыл бұрын
so glad you enjoyed it! :)
@Bacontats2 ай бұрын
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?
@artesani2 ай бұрын
I would do a separate transaction to remove the truck that you are writing off. Contact your accounting professional for the correct journal entry.
@mariajosesuarez90432 жыл бұрын
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.
@TrendingTodayUSA4 жыл бұрын
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.
@artesani4 жыл бұрын
Orange cats have the biggest personalities! Love the name Melon!
@leiahemphill80182 жыл бұрын
Thank you this was very helpful
@undocugirlylife7 ай бұрын
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.
@artesani7 ай бұрын
who owns the vehicle?
@undocugirlylife7 ай бұрын
@@artesani It’s owned by my cousin
@lyndaartesani26537 ай бұрын
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.
@undocugirlylife7 ай бұрын
@@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
@junehong62282 жыл бұрын
What about tax that you paid? How do you treat tax amount into Journal entry?
@artesani2 жыл бұрын
do you mean the sales tax? That is considered part of the cost of the goods (purchase) and is not separated.
@scottmijal45583 жыл бұрын
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?
@artesani2 жыл бұрын
I do not have a video like that. Did the business purchase the vehicle from the owner?
@rebeccamcclure23612 жыл бұрын
my screen looks nothing like this! How do you do this in quickbooks online in 2021?
@artesani2 жыл бұрын
Are you using QB desktop? This is for QB Online. Just enter it as a journal entry. The concept is the same.
@SaimaKhan-fo1us2 жыл бұрын
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!
@artesani2 жыл бұрын
What is important is who is the vehicle titled? The business or you directly?
@Bunker27-Apparel Жыл бұрын
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.
@accountantslawlab Жыл бұрын
The truck is an asset. The loan is a liability.
@fpvflyer47584 ай бұрын
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!
@artesani4 ай бұрын
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.
@esmareldafortuin57414 ай бұрын
Hi vechile in owner name not company name psying loan off still
@accountantslawlab4 ай бұрын
@@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.
@fpvflyer47584 ай бұрын
@@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
@user-os3ko9fw3c Жыл бұрын
I just need a simple "set up auto loan" for a vehicle purchase.
@lyndaartesani2653 Жыл бұрын
Debit the vehicle (asset) credit the loan.
@germain12113 жыл бұрын
Are the other categories like the service fees a sub account of the truck?
@artesani3 жыл бұрын
depends on what the service fee is. Is it for maintenance on the vehicle? You can make an acct for that.
@sonimega Жыл бұрын
Hello! My husband bought a truck that is on his name, not the company. How we are to enter the purchase in QB?
@lyndaartesani2653 Жыл бұрын
You don’t. Any vehicle on by the company should be titled in the companies name.
@bestridestexasllc55824 жыл бұрын
Hi Linda, great video!! However, how do you account for the taxes that are included in the total loan amount? Thanks! Randall Hall
@artesani4 жыл бұрын
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.
@richardpeinado97633 жыл бұрын
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?
@artesani3 жыл бұрын
I recommend speaking with your tax professional to get guidance as this will affect tax returns from the past.
@bunchesofdents3 жыл бұрын
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?
@bunchesofdents3 жыл бұрын
*paid in full
@artesani3 жыл бұрын
@@bunchesofdents you don't need a journal entry in this case.
@bunchesofdents3 жыл бұрын
Thanks so much!!
@angierivera73063 жыл бұрын
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!
@artesani3 жыл бұрын
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.
@angierivera73063 жыл бұрын
Thank you so much!!!
@michellepartridge58713 жыл бұрын
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?
@artesani3 жыл бұрын
personal vehicles should not be booked onto a business's records.
@artesani3 жыл бұрын
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.
@michellepartridge58713 жыл бұрын
@@artesani Thank you. I have reached out to her.
@thebtafamily93693 жыл бұрын
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!!
@artesani3 жыл бұрын
join our facebook group QB Community Live. We answer questions there. facebook.com/groups/qbcommunitylive/
@christinewhyte93042 жыл бұрын
What if the vehicle was purchases cash
@artesani2 жыл бұрын
Cash makes no difference other than there is no loan.
@anibaldelacruz4 жыл бұрын
how to register a truck purchase in cash (checking account) ?
@lyndaartesani26534 жыл бұрын
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).
@yaoheng5713 жыл бұрын
@@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? 😊
@yaoheng5713 жыл бұрын
And the newly purchased vehicle registered under Company name. I just want to know how to exactly record it with depreciation. 😊Pls advise.
@artesani3 жыл бұрын
@@yaoheng571 it would get booked straight to the asset.
@user-nm1zp1js5o Жыл бұрын
That is not a vehicle purchase....that is a sale!
@joyceokun171410 ай бұрын
You didn't actually show how to enter the purchase
@hoffmanyou644 жыл бұрын
stop talking around it. You have your intro in your title. Present what you are going to teach and get to it.