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How do I update a vehicle asset balance?

The amount left to pay off the vehicle is incorrect, but says that it is from the institution. Additionally, I have been paying on the vehicle for a long time, but the remaining balance does not decrease.
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  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    There's two elements to owning a vehicle when you buy it with a loan:
    There's the asset, which is the car itself, based on its "out the door" cost to you, and.
    There's the liability which is the loan, with an initial balance of the original loan amount.
    As you make loan payments the liability amount should decrease based on the amount of principal included with each payment.  Unless you set up some sort of "depreciation" schedule, the amount of the vehicle asset shouldn't change.
    When you bought the car, did you set it up in the manner described above, or did you only establish the car asset?
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