I need to set up an new account under the income statement. Company purchased a new vehicle and need to record the trade in allowance given

Hi coloursandconcep,

Congrats on the company purchasing a new vehicle! It's vital you're able to set up a new account and I'd be glad to show you how. QuickBooks is a user-friendly program that makes it simple to navigate and complete your work. 

Here's how you can add an account:

1. Navigate to Settings ⚙ and select Chart of Accounts.
2. Click on New to create a new account.
3. In the Account Type ▼ drop-down, select an account type.
4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
6. Add a description.
7. If this is a sub-account of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
8. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
9. Select Save and Close.

The other good thing is you can also add accounts while recording an invoice, cheque, bill, or other transaction. While you're in an open form, click on the Category ▼dropdown and then + Add new.

For guidance on which account type to add, I recommend contacting your accountant for expert advice. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

If you still have questions, feel free to leave a comment below. I'll be here to assist.