QuickBooks Tutorial / How To Record Truck Loans in QuickBooks Desktop

[@jacden70]

A step-by-step demonstration is exactly what I needed to see so I could understand the entire process. Thank you so much!

[@joannadeluna2837]

I just want to thank you for this video!!! I have not balanced my books in months bc I was overwhelmed with the process of setting these accounts up! Actually I was totally lost bc I only have to do this type of thing every couple of years when we trade in our work truck. So I forget how to do this in that time span... THIS IS PERFECT!!!! Thank you so much for helping!!! SAVING FOR NEXT TIME ❤❤❤❤❤

[@ecquickbookstraining]

Thank you Joanna, I am glad it helped.

[@amandadelacruz499]

I'm have not yet completed your video and I already love it! Exactly what I needed, Thank you so much!!!

[@ecquickbookstraining]

Glad it was helpful!

[@genecreamers5233]

This what great! Thank you, so many of the other videos skip how to set it up in the chart of accounts. Thanks!

[@ecquickbookstraining]

You're welcome!

[@shirleyjimenez8245]

Hi this video it is very helpful, different from other entries affecting 3 accounts

[@msmillionaire71]

Thank you for this tutorial. I sincerely appreciate it!!

[@ecquickbookstraining]

You are so welcome!

[@patriciaontiveros4640]

Thank you for the demonstration it was easy to understand the process

[@brendaberry981]

Thank you. You make a great teacher

[@ecquickbookstraining]

I appreciate that! Thank you.

[@AdminPiscopoTransport]

Amazing video can you please make another one on the latest version

[@mochabeautyioable]

Very easy to follow!! Thanks for sharing!😊👍🏽

[@nidasfilms]

This video with Excel link and the Education video are awesome. I really appreciated. I have a question about the GST: do I need to record the tax each month depending on the principle amount I paid? Please let me know. Thank you

[@rebekahsowards9158]

Thank you for sharing this and also your worksheet. So helpful!

[@ecquickbookstraining]

You are so welcome!

[@LegacyFenceFlorida]

Thank you so much for this video! You explained everything so well!

[@taniarwm6540]

easy to understand! One question - writing cheques to the vendor, Dealer, in this case leaves you with all these payments but not invoice. do you need to enter an invoice first?

[@ecquickbookstraining]

No you can record it as a check or expense in QuickBooks

[@erikaestrada8632]

the best video I found

[@maribelslxs]

👍👍👍👍👍👍 Loved it!! Some of it was a little too fast. Maybe slow down when you switch from different screens but other that 5 STARS!! Sorry not sorry but women are a part of the trucking industry! Either behind the wheel or behind the books!

[@plbhandymanservicesllc7604]

nice video , but i have question how to record when you trade in vehicle is all ready in quickbooks and pay off the balance with check the new vehicle?

[@jillos1271]

Very good explanation!

[@cmorampudi]

Best tutorial ma'am ... Awesome ...

[@2011mapac]

Excellent video. It help me a lot. Thank you.

[@premierautoimportsllc4700]

I have a small dealership. Can you post a video on how to enter a vehicle that I purchased from an auction for sale. Additionally if that video can walk thru the process of selling that vehicle someone with on the lot financing.

[@roseycecola6081]

Perfect. Extremely helpful. Thank you

[@sharonsanchez2851]

Thank you for making this so easy.......How do you show when you trade in one company vehicle for another company vehicle?

[@jessicaLiz777]

Thank you for posting! very easy to follow and understand. Super excited to finally enter a loan properly and use the template :)

[@SammyTOPTEC]

THANK YOU!

[@ecquickbookstraining]

Welcome!

[@livsambo]

Thank you very much for this video. It has helped me alot.

[@ecquickbookstraining]

Glad it helped!

[@Kim-ml6iq]

Excelent explanation!

[@ecquickbookstraining]

Thanks!

[@leadergeovanni7740]

This should have 44k likes!

[@ParisL03]

Thank you so much I was having a hard time trying to figure this out. My question to you is I'm new to QuickBooks checking my books from last year which were mostly done by my accountant's secretary I only wanted the expenses. I don't see that account been recorded and we did purchase a vehicle in 2020 can I enter it myself so I can keep a record of loan and payments? Thank you 😊

[@impactodelsurenterprise2440]

How do you do this using the fixed assset manager?

[@krystalwathen8523]

This was very helpful. How would I record a payoff to the current loan due to refinanced with another bank and enter in a new loan?

[@ecquickbookstraining]

You can do a journal entry, Create a new liability account for the new loan, Credit the new liability account and debit the old liability account. Then you just start making payments to the new liability account

[@blancadiaz852]

Do i record anything in fixed asset for the vehicle once it is paid off?

[@richwahneEXPERTSmadeEasy]

Your download spreadsheet is set up for 60 months - how do I change it to reflect a 72 month loan?

[@forestminer]

Thank you!

[@josealba99]

how do you record sales tax on the general Journal entry

[@blancadiaz852]

Could you do a step-by-step video on how to do a purchase a home? A client buys houses to flip, but he has two that he has kept, but there were no payments. They were bought with cash.

[@farrarjo1]

This was very helpful!!

[@FernandoLarez]

Thanks!

[@otiliobanda7212]

Very Helpful, thank you so much :)

[@gtgigi69]

Thank you for this awesome video, is it the same when you leasing a company truck?? I’m a small trucking company and we have 2 trucks that we are leasing to a owner operators Can someone please help?

[@mariadelara1446]

Liz thank you so much!! You made it very easy to understand. I would like to know how can I enter more than one equipment loans?

[@ecquickbookstraining]

Your Welcome. Maria good video suggestion.

[@mariadelara1446]

EC QuickBooks Training hopefully you get to make a video . That would help me a loooooot!!!

[@mirnabenitez19931215]

would it be the same for a truck lease ?

[@user-vp3vo3qz2d]

My accountant wants me to break down the purchase price, sales tax, down payment, trade in prior depreciation and then record the loan with ST and LT can you help me record thank you

[@texascorporatehousingsolut5968]

Hi! Super helpful! Is there any way to get the template with active formulas?

[@darkfire_0579]

what about depreciation?

[@ahlamkhaldon1844]

thank u very much

[@baifo3904]

You didn't record your tax itc on purchase of the truck?

[@deneslengyel4031]

Good morning Liz When you are entering your vehicle into the GJ does the starting total of $26,598.19 include the taxes and the interest your are paying as well?

[@ecquickbookstraining]

Yes you include taxes. Interest is recorded when you do your monthly payment.

[@brendascally116]

very nice demonstration, but how do you account for the dealer fees and the sales tax?

[@marcosdellavalle2309]

so total purchase includes sales, tax dealers fees, docs etc..?

[@user-mb5ut7ld7p]

How can I record a cash loan from a family member to a business with an interest of 5%?

[@MuhammadUsman-ft2iu]

I haved purchased a car, which is down payment is 3 lac and installment is 27000 of per month. Total Value of car is 18 lac.. no interest... What should be the entry all of this? please tell me in reply

[@henrychou7688]

Is it possible to create Fixed Asset and main account and the other two (liability and interest) under it as sub-accounts?

[@serviceservice9026]

Great video! How do I record a trade in?

[@skimflick]

Do you also have a tutorial if down payment includes a trade-in?

[@dominionsiteoffice1295]

Hai, How to create a Payment Schedule for any Applicant if a Property is sold out to him on Installment

[@anjanettemercer4147]

Hello, this was a good video; I am trying to reorganize my Quickbooks. No one taught me how to use it; I just jumped in and have been using it for a few years; it serves its purpose for keeping my books and payroll straight, but when I run reposts things are off, and that's because my accounts were not set up correctly, in the begin. I have 3 questions: 1) I pay more than the minimum payment on my vehicles, wha is the correct way to record the extra principle payments? (Should I add the principle to my spreadsheet calculations and use that information moving forward). 2) I purchased 2 trucks at the same time. The loan companies are different. Should I keep it how you have it (3) account set up or name the vehicles #11 & #12 and create(6) accounts to keep everything separate? 3) do you have a video on the best way to set up, name, and number your chart of accounts (101 Chart of accounts for Dummies)? LOL Thanks again for your time and expertise.

[@ecquickbookstraining]

Hi Anjanette, If you pay more that what is due. It will go towards your principal. Yes, Keep each vehicle separate on your balance sheet.

[@anjanettemercer4147]

@@ecquickbookstraining thank you so much

[@anjanettemercer4147]

@@ecquickbookstraining THANK YOU

[@veronicacoldiron7393]

This was VERY helpful! I am re-working the Chart of Accounts at a trucking company and they have each individual truck listed as an expense line item on the GL. Should the individual trucks be entered as assets, or line items, or both?

[@ecquickbookstraining]

They Should Be Assets. Any expenses for the trucks such as gas, maintenance will then go on an expense account.

[@veronicacoldiron7393]

@@ecquickbookstraining Thank you!

[@jojobetzy]

how to download the excel sheet?

[@joannamilligan689]

Hi Liz. This is exactly what I was looking for, except that in Canada we have H.S.T. I'm not sure how, or at what point to record that tax. Any idea? Thanks ....Joanna Milligan

[@ecquickbookstraining]

Tax for any asset purchase is part of that purchase price I would include it in the numbers when recording your vehicle purchase.

[@indiraramos5983]

how to record down payment if you paid with credit card?

[@jacobmayorga9703]

How do you properly record the sales tax paid on the vehicle? My CPA says that I need to input the sales tax paid on the vehicle in QB as well. It's confusing because it's rolled into the auto loan obviously, so I'm not sure how to do this. Any help you can offer is much appreciated. Thank you!

[@ecquickbookstraining]

Yes, it would be the purchase price plus any sales tax and other fees you paid that need to be recorded. It should all be broken down on the contract I believe the Total Cash Price on the contract includes sales tax. Many record the purchase price only without including sales tax and other fees.

[@amberprice407]

How would you record the truck payoff if another loan was obtained to pay it off all together? Thanks!

[@ecquickbookstraining]

You can do a journal entry, Create a new liability account for the new loan, Credit the new liability account and debit the old liability account. Then you just start making payments to the new liability account

[@amberprice407]

@@ecquickbookstraining Thank you so much!!

[@beyenetekle8429]

Thank you Liz. [1] Is the fixed asset account going to stay as $26,598.19 on Balance sheet ? [2] When is going to change reflecting loan payments, interests, or depreciations ?

[@ecquickbookstraining]

Fixed asset will not change only liability, but you will also do depreciation against the asset

[@guyD0]

@@ecquickbookstraining do you have a video on that?

[@pervezkhn]

Nice video

[@lindamister5382]

Where is the link to excel page

[@ecquickbookstraining]

bit.ly/2Ln5Rgl

[@pervezkhn]

I am from Afghanistan and want to make payroll liabilities in QB so kindly make a video on this the tax rates on payroll is For monthly payrolls Income more than Income up to Tax 0 5000 0 5,000 12,500 2% of amount over 5,000 12,500 100,000 150 + 10% of amount over 12,500 100,000 Above 8,900 + 20% of the amount over 100,000 I have ask many experts but couldn't answer so kindly make a video on this

[@ecquickbookstraining]

Yes I can. I will be answered on 11/29/18

[@ecquickbookstraining]

Hi Pervez here is your video request kzbin.info/www/bejne/m5ytlqR7qLuBias