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Tracey2022
December 9, 2022
Question

Journal entry for owner paid down payment and vehicle loan

  • December 9, 2022
  • 1 reply
  • 0 views

My husband (the business owner) put $6000 down on a 2018 Ram Promaster for our business.  The $6000 was from personal funds.  The truck's purchase price was $31635.  We were financed for the remaining balance of $25635.  How would I create a journal entry for the truck to reflect the owner's personal contribution of $6000 toward the purchase?

1 reply

A
Amanda-B
December 10, 2022

Hey there Tracey2022,

 

Thanks for reaching out to us here and welcome to the QuickBooks Community! Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.

 

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.

 

If you have any other questions, feel free to reach out here. 

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