New Truck

[R$W]

What Steps To Take In Qb Premier 05 To Create Asset, Keep Track Of Payments To The Lender, And Depreciation. I Am Not Clear Which Cost To Start With. From The Sale Price Instant Rebates Were Applied, And My Down Payment, Then The Tax And Lic Was Added Leaving The Bal To Be Financed. I Know What I Owe, But Dont Know Where To Put Everything.

Thanks,

Ron

[lisa_mn]

Work off of the purchase document where everything is laid out.

Enter your check for the down payment and in the detail, enter the total cost of the vehicle less the instant rebates in the fixed asset account, enter tax & license at auto expenses, and enter the balance of the loan in the liability account as a negative amount.

If you pick up everything, it should balance out.

You can use the loan manager to set up your payments, or if your lender sends you monthly statements with principal and interest, you can just work off of those.

As for depreciation, I'd just leave that to your tax preparer.