The Step By Step Guide to Process a Trade In on a New Vehicle
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- čas přidán 6. 08. 2024
- Are you ready to add a new fixed asset to QuickBooks and handle the trade-in of an old asset?
As your business grows, you may need to invest in new equipment, vehicles, or other fixed assets.
QuickBooks makes it easy to track these long-term assets and handle the accounting for them. When you purchase a new fixed asset, you'll first add it to your QuickBooks asset list.
Then, if you're trading in an old asset, you'll need to handle the trade-in value and any gain or loss on the disposal of the old asset.
In this video, I'll walk you step-by-step how to:
- Add a new fixed asset to your QuickBooks asset list
- Enter the details of your new asset including purchase price, estimated useful life, and other details
- Record the trade-in of an old asset and account for any gain or loss
Be sure to check out this week's video for the full walkthrough and to see these steps in action.
Share in the comments below if this helped you and if you had any ah-ha's 💡
Resources mentioned in the video 🔎:
Depreciation Tutorial: • How to enter Depreciat...
Want to learn how to do journal entries? Download my 'Master Debits & Credits for Journal Entries' Guide: ➡️ CandusKampfer.com/je-pdf
If you're looking for the Desktop version of this video click here: • How to Process a Trade...
Ready to learn more areas of QuickBooks? Join us on our next workshop to learn how to design QuickBooks for your specific business... ➡️ CandusKampfer.com/workshop
Receive our QB tips straight to your inbox each week visit: ➡️ CandusKampfer.com/tips
Timestamps:
0:00 - Intro
0:18 - QuickBooks Desktop: How to Process a Vehicle Trade-In
0:33 - Disclaimer: I'm not a Tax Professional
0:56 - Details needed to enter for journal entry in QuickBooks Online
1:54 - When you are buying a new Asset and you're going to capitalize it
2:14 - Depreciation Video Tutorial
7:38 - Setting up Assets and Loans
9:48 - Creating a Journal Entry in QuickBooks Online
11:53 - Free Download: Journal Entries Debit and Credits Cheat Sheet PDF
canduskampfer.com/je-pdf
15:11 - Checking Journal Entries in Chart of Accounts
16:38 - Making Accounts Inactive
17:08 - Finding Inactive Accounts and making active again
17:45 - Join Canduskampfers Weekly QuickBooks Tips and Tricks
canduskampfer.com/tips
17:55 - Customizing QuickBooks Workshop
canduskampfer.com/workshop
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Thank you so much!! This is exactly what I have been trying to figure out. 🙂
Oh my gosh, thank you so much! We love hearing this. 🙏🏻
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Thank you Candus, this is very helpful!
Oh my gosh, thank you so much! We love hearing this. 🙏🏻
If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
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Thank you for posting this video! :D
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This was very helpful, thank you
Glad it helped you.
Have an amazing day!
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Love your videos!!!
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Helpful thanks
Thank you for watching our videos
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this is great detailed info on how to do this entry and the understanding behind it. Can you also tell me, with a down payment made, do we add or subtract when determining the 'balance due' for the new asset? Thanks in advance
Hi Tina,
Thank you for watching our video.
I'm so glad you found it helpful!
If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
This is super helpful! Hoping you can make a video on how to record a sale of property or sale of an asset. ^_^
Hi,
Thank you! I am so glad that it helped 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month.
The best possible way for you to receive support from Candus is to register for and attend her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Daniel ~ Team Candus
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The Like-Kind Exchange rules only apply to real estate, so the cost of the Ford cannot be reduced by the gain on the Ram. The gain on Ram must be recorded as income.
Also, the taxes, etc. must be added to the cost of the Ford, not expensed.
Hi,
Candus is not a tax professional. The example from this video came straight from a CPA. That's why she always recommends checking with a tax professional for these kinds of situations.
Have a good day,
Samantha, Team Candus
What is trade in vehicle was used for company but never entered as company's assets because it was initially purchased by Personal money but used for business
Its either company property or not. If its not company property the trade in would not be recorded on the company books.
Should I still need to set up depreciation for the new vehicle?
yes
Hi. How do I record a sale trade in of a fixed asset without a loan to purchase a new vehicle ?
Hi Ana,
Thank you for watching our video.
If you're interested in more in-depth training on how to record a sale trade in a fixed asset without a loan, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus