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Adding new car without loan

Markhfx

Hello, I have acquired a new car involving trading existing car, and cash so no loan. When I add the asset how do I account for the other money ? as it asks if I have a loan which I do not.... or should I set up a "loan" and then immediately pay it off by transferring the cash and old car asset to it?

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Comments

splasher

Where the money came from would determine how to account for it in the car asset.

Tom Young

There's several ways of accounting for this transaction and your selection of one or the ways depends on whether you had the old car on your balance sheet and what information you want to see in your accounting records. Since I don't know any of this information I'll suggest the dead-simplest way to get the car recorded at the selling price.

Apparently you've made the "cash out of bank" entry to the new car asset Account. Now make another entry in the "Increase" column of this Account for the difference between the cash and the car's actual selling price. For the "Category" enter the name of the new Account you're working in, surrounding the name with square brackets: [New Car Account Name].

This will "magically" bring the new car's Account balance to the correct amount without affecting any other Account or Category in your Quicken file.