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P
Pwellar
August 4, 2021
Question

New Vehicle Purchase

  • August 4, 2021
  • 1 reply
  • 0 views

Hi,

 

I'm wanting to Purchase a new passenger vehicle that is over the $30k limit for CRA for $50k. I have no issues setting up the asset and depreciation for the $30k but where does the $20k go and what happens to that when you dispose of the asset?

 

Thank you!

Paul

1 reply

N
Nick K
August 4, 2021

Hi Pwellar.

 

Making sure you enter and track your new vehicle purchase in QuickBooks Desktop properly is the key to good bookkeeping. I'd be happy to point you in the right direction for this.

 

QuickBooks Desktop makes entering new assets easy to help save you time and effort. In order to make sure you enter and track your new asset correctly I recommend reaching out to your accountant as they are trained in how to enter and track the amounts for your vehicle. They can also explain what happens to the amounts when you dispose of the assets. If you don't have an accountant currently no need to worry, we can help. You can go to our find an accountant page to find one in your area.

 

If you have any questions feel free to reach out and we'd be happy to help.

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