Vehicle Purchase with Owner Funds

Good day, mvera. Allow me to share some tips on how to handle your concern.

You can utilize the Journal Entry (JE) feature to properly track the funds used for purchasing the vehicles in QuickBooks Online. 

But first, make sure to follow the steps outlined in these articles for setting up the asset and liability accounts:

• Set up an asset account in QuickBooks Online
• Set up a loan in QuickBooks Online

I also recommend consulting with an accountant to ensure you're using the correct accounts and your books remain accurate.

To create a JE:

1. Click on + New.
2. Select Journal entry.
3. Set the Asset's purchase date.
4. On the first line, select an account from the Account field. Depending if you need to debit or credit the account, enter the amount in the correct column.
5. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
6. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
7. Enter information in the memo section so you know why you made the journal entry.
8. Once done, hit Save and close.

For more information on creating a journal entry, you can check out this article: Create journal entries in QuickBooks Online.

I'm also adding this resource to learn how to pull up a report in case you want to review the entries you made: Print a journal entry report.

Let me know if you still need assistance or have other concerns about managing accounts and transactions. I'll be glad to lend a helping hand. Take care and enjoy your day!