Set Up A Truck Account

To Set Up A Truck Account:

Set up two accounts for your truck with the following information.

• Asset -  Amount you paid for the truck, or the current book value of the truck.

• Liability -  Amount you paid for the truck not including taxes, which can be written off as an expense. (This is the full purchase price of the truck.)

• Loan Amount - Adjust the liability to the actual amount of the loan. Display a payment against the liability for the amount of the down payment.

Note: If you are trading in an old truck, please discuss how to handle this transaction with your accountant.