How to enter new vehicle purchase with a downpayment paid from personal checking account

Hi there, @isaacmg. I'd be glad to assist you in recording your vehicle purchase within QuickBooks Online.

To start, let's set up a liability account to track the loan and its corresponding payments. This account tracks what you owe. Here's how:

1. Go to Settings, then select Chart of accounts.
2. Select New to create a new account.
3. From the Account Type ▼ dropdown, select Long Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
4. From the Detail Type ▼ dropdown ▼ dropdown, select Notes Payable.
5. Give the account a relevant name.

Once done, follow the step one in this article to record your downpayment: Pay for business expenses with personal funds. If you want to reimburse the money, proceed with step two in the same article.

To record your company's monthly payments, follow the Record a loan repayment section on this resource: Set up a loan in QuickBooks Online.

As a general best practice for maintaining sound financial records and compliance, it's advisable to keep business and personal expenditures separate. Your check and credit card accounts should be business-only accounts, but if you run into a situation where business and personal finances mix, this article can provide guidance on how to record such transactions: Mixing business and personal funds in QuickBooks Online.

If you have additional questions about recording vehicle loan in QuickBooks, just add them to the thread. I'll be here to help you out.