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IHATEONLINEQWEEKBUK
March 30, 2023
Question

How to record a chq (equity already investd thru paymnts) that the leasing co gave us back for car?

  • March 30, 2023
  • 1 reply
  • 0 views

We purchased a company vehicle, made payments.  The car was stolen and the leasing company sent us a cheque for equity that had been invested in the vehicle (overpayment).  It's not income.  We paid the lease and they are just refunding the overpayment back.  How do I record the cheque we cashed?

1 reply

Daniela_A
Daniela_A
March 30, 2023

I appreciate your time posting here in the Community.

 

Let's make sure you'll be able to manage your cashed cheque.

 

We can enter it as a bank deposit in QBO, affecting asset or equity accounts. Although, I would still suggest working with your accountant for the best guidance when choosing an account. 

 

Here's how to record a bank deposit:

 

  1. Click the + New button.
  2. Choose Bank Deposit.
  3. In the Receive From column, select the bank.
  4. Go to the Add funds to this deposit section.
  5. Enter the reimbursed amount and choose an account.
  6. Add a memo as needed, then click Save and close.

 

Additionally, I'm sharing with you this article on how you can use different reports and projections to get a clear look at your current and future business's finances: Track your cash flow in QuickBooks Online.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day.

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