Recording car purchase QBO

[Tigris]

Hey guys,

i've just purchased a car for business and need to record it in quickbooks online.

50% cash, 50% credit card.

I've been made aware I need to setup as a "Tangible asset" under the Chart of accounts in QBO and put this as "Vehicle".

I'm unsure now how to proceed. I have the car dealer setup as a supplier also.

Any advice greatly appreciated.

 

[Scalloway]

I would put the purchase through as an invoice payable to the dealer. Cash and Credit Card should be set up as bank accounts. Go to the supplier and pay the invoice as you describe.

 

[Tigris]

I would put the purchase through as an invoice payable to the dealer. Cash and Credit Card should be set up as bank accounts. Go to the supplier and pay the invoice as you describe.

Shouldn't bother setting up a vehicle as an asset on the chart of accounts then?? (Im a non-VAT registered sole trader)

 

[Scalloway]

When you enter the invoice for the car the other side of the entry will be the Asset in the chart of accounts. If that is not how you have done it where is the other side of the entry?