I have never commented before on a video but wanted to say thank you SO MUCH for this! It was more helpful than I expected. I had no clue what I was doing and put setting this up for 2 months. I am so thankful this was the video I chose to watch. Thank you for setting us all up for long tern success.
I can see you helped a lot of people so it is probably me just being dumb but holy moly this is way too much. 1:23 you show us that you created them already but not how. I assumed I should hit New, named it similar to how you did, made it a fixed asset and vehicle. 1:39 I purchased with cash so there is no payment term longer than a year. No idea what to do, i'm assuming I just ignore this step and continue with 1 account. 3:10 I ignored making this second account earlier so I didn't do this step. Tried to save and get an error that I need to "balance debits and credits". So I definitely need 2 accounts but since I paid with cash I have no idea what the second account should be. I cannot continue. If anyone could point me in the direction of how to go about understanding this, maybe recommend an online tutorial, I would appreciate it. I can tell from the comments that clearly this video helped a lot of people but I simply have no idea what to do.
Hello. Because you paid cash you don't need the liability account. Just create the Asset Account. Then create an expense transaction and use your asset account in the category to record the expense.
This is a great video! Thank you so much for doing this! I am stuck a little and I hope you can help. After entering the total price and the down payment, I need to also add "Total Other Charges and Amounts Paid to Others On Your Behalf". It's a warranty that was purchased with it. It adds around 3K to the financed price. How do I record that correctly to show the right balance in the register? Thank you for any help!
QB Online will not let me make the Long Term Liability account as a sub account of the Fixed Asset account. The error says the account types must be the same. So mine does not look like your example.
If the cash equivalent was made via a card transaction, would you recommend (a) categorizing it as some "expense" and then creating a journal entry to record it OR (b) categorizing it directly to long-term liabilities from the bank transactions? If you recommend (a), under which expense would you say this could go under? I think that's where I'm struggling a bit. Thanks so much!
Is it correct to post the 5000 down payment to the liability account? It won't give you a good audit trail right? Posting the 5000 by crediting the bank account in the first journal will be the appropriate one right? Excuse me if I'm wrong. I'm a novice.
Hello, yes, you can put the down payment in the Journal Entry if you like. But in my example, I used a check to pay for the down payment, so I used the proper form. I always recommend using the proper forms when entering transactions especially expenses and checks. This will allow me to reconcile the bank account more easily. I will be able to see the check number instead of selecting the whole journal entry in my reconciliation.
Hello, yes that happens I usually put # on one and not the other. For example, the asset could be Vin #1234 while the liability Vin 1234. I hope this helps.
This has been so helpful. I appreciate your time and effort to helping many of us here. There's always a first time to learn something new!
I have never commented before on a video but wanted to say thank you SO MUCH for this! It was more helpful than I expected. I had no clue what I was doing and put setting this up for 2 months. I am so thankful this was the video I chose to watch. Thank you for setting us all up for long tern success.
Glad it helped!
So helpful!!! Following along step by step is so awesome! The Spreadsheet was not usable when I downloaded from your website.
Thank you for watching. When you download the file, it will open as google sheet, go to file, then download as excel to have a saved copy.
THANK YOU very much for the clear explanation!!
You are welcome!
I can see you helped a lot of people so it is probably me just being dumb but holy moly this is way too much.
1:23 you show us that you created them already but not how. I assumed I should hit New, named it similar to how you did, made it a fixed asset and vehicle.
1:39 I purchased with cash so there is no payment term longer than a year. No idea what to do, i'm assuming I just ignore this step and continue with 1 account.
3:10 I ignored making this second account earlier so I didn't do this step. Tried to save and get an error that I need to "balance debits and credits". So I definitely need 2 accounts but since I paid with cash I have no idea what the second account should be. I cannot continue.
If anyone could point me in the direction of how to go about understanding this, maybe recommend an online tutorial, I would appreciate it. I can tell from the comments that clearly this video helped a lot of people but I simply have no idea what to do.
Hello. Because you paid cash you don't need the liability account. Just create the Asset Account. Then create an expense transaction and use your asset account in the category to record the expense.
@ecquickbookstraining thank you
OMG this was wonderfully helpful!! I followed step by step and downloaded your schedule. Thank you for all the info!!!
Glad it was helpful!
Your explanation has been perfect, thank you very much, you have clarified my doubt in the most complete way!
Liz - Thank you for the excellent information, clear and concise. This video helped me a lot. Subscribed!
Thanks for the sub!
This is a great video! Thank you so much for doing this! I am stuck a little and I hope you can help. After entering the total price and the down payment, I need to also add "Total Other Charges and Amounts Paid to Others On Your Behalf". It's a warranty that was purchased with it. It adds around 3K to the financed price. How do I record that correctly to show the right balance in the register? Thank you for any help!
Great video! what about the depreciation of the vehicle?
Hi, how about the bank reconciliation process for the vehicle purchase in full. would really appreciate your help for this.
What would be the process to record the sale of the vehicle in QBO?
Do I treat a trade-in the same way as a down payment? And also how do I add an extended warranty that was included in the financing?
QB Online will not let me make the Long Term Liability account as a sub account of the Fixed Asset account. The error says the account types must be the same. So mine does not look like your example.
Long Term Liability is a different account from Fixed Asset Accounts, are not the same types..
Great Video,
I just switched yhus year from QB self employed to QB online.
Purchased new work truck last year,
Can I add this retroactively?
If the cash equivalent was made via a card transaction, would you recommend (a) categorizing it as some "expense" and then creating a journal entry to record it OR (b) categorizing it directly to long-term liabilities from the bank transactions? If you recommend (a), under which expense would you say this could go under? I think that's where I'm struggling a bit. Thanks so much!
It would actually be (b). If you paid the deposit with a credit card you would enter it to the asset account.
@@ecquickbookstraining Thank you very much! That makes a lot of sense. Happy new year to you and yours!
Thank you very much. This helped a lot.
This was fantastic! So helpful 😊
How would the excel sheet change if I did larger payments instead of what was due?
How do I get the autofill box to pop up?
How would you record the JE for a vehicle that is purchased and paid in full - no loan?
Is that xcel file available or a template
Is it correct to post the 5000 down payment to the liability account?
It won't give you a good audit trail right?
Posting the 5000 by crediting the bank account in the first journal will be the appropriate one right?
Excuse me if I'm wrong. I'm a novice.
Hello, yes, you can put the down payment in the Journal Entry if you like. But in my example, I used a check to pay for the down payment, so I used the proper form. I always recommend using the proper forms when entering transactions especially expenses and checks. This will allow me to reconcile the bank account more easily. I will be able to see the check number instead of selecting the whole journal entry in my reconciliation.
It will not let me name the FA account and Liab account the same name. How were you able to do that?
Hello, yes that happens I usually put # on one and not the other. For example, the asset could be Vin #1234 while the liability Vin 1234. I hope this helps.
Why does the loan amortization always off
The interest doesn’t calculate the same
I paid the full price with a check so I record it on the IS, then on the BS, not sure how to do the BS JE and use the IRS 179. any help?