How to record a used vehicle purchased in previous year and ongoing financing

Greetings, PF63.

Thanks for considering in using QuickBooks to help manage your business. Allow me to share some information about tracking vehicles purchased.

Based on the product you selected, QBSE is unable to track vehicle cost but you have the option to enter the information in the Vehicle Info page to show the deduction cost of operating your car.

Here's how:

1. Click on the Gear icon at the top beside the Help icon.
2. Under the Taxes column, select Vehicle info.
3. On the Vehicle info page, enter the amount in the How much did the vehicle cost? field.
4. Select Save.

For future reference, I’m adding articles with detailed information on how to track vehicle costs:

• About car, van, and travel expenses
• Simplified Expenses mileage method (with flat rates) versus Actual costs for vehicles

You may also want to consider using QuickBooks Online since it allows you to record vehicle purchases and depreciation. To know more how this version works, sign up for a 30-day free trial or access the sample company.

This allows you to play around or use these features without affecting your real account. Simply enter the data into the system, and from there try out some of the functions in QBO.

Here’s a link with in-depth information about recording and depreciating assets.

The information I provided should point you in the right direction.

Stay in touch if you have additional questions about QuickBooks. I’ll be right here to help. Have a great rest of your day!