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Apr 11, 2019 10:01 PM UTC
Question

How do I log a van purchased through a finance loan, part exchange and cash payment? I created a supplier bill linking the fixed asset (van) but how do I show finance?

I also created a credit note for the finance company but I don't know how to clear the supplier bill so its only the loan outstanding?

1 reply

Rustler
Apr 11, 2019 10:26 PM UTC

@kimberleymackay wrote:
I also created a credit note for the finance company but I don't know how to clear the supplier bill so its only the loan outstanding?

the cash payment should have the fixed asset account you created as the expense for the check

 

part exchange - does that mean you traded in a vehicle?  was that a company vehicle that was listed as a fixed asset on the company book?  was there a loan against the traded vehicle if that is what you did?