Answer YES to create the Liability

PURCHASING TRUCK ACCOUNTING PRINCIPLESWhen you purchase truck you create an ASSET, the truck itself, and LIABILITY, the loan for the truck. If you received LESS than your asset you will need to TRANSFER the value from your old trucks ASSET account and apply it against the LIABILITY ACCOUNT for the new truck. TYPE LIABILITY AMOUNT Amount you Paid Down do not include taxes, etc. PAID BY The type of account you paid this from. Click TRUCK INFO, to access the Truck Information screen.

If you received MORE for your trade in value, etc. The down payment on the truck is NOT AN EXPENSE, it is applied againt the liability. NOTE If this is truck you already had and are adding to the program enter the BOOK VALUE of the truck as the Purchase Price.

Answer YES to create the Liability and Asset accounts for this truck automatically.NOTEif yougot loan from the bank for more than the value of the truck LIABILITY 87,500the loan amount EXPENSE 7,500tax & license PROGRAM ENTRYTo enter your truck in the progam you will first add the truck to the program and create the liability and asset accounts.

Heres an example TRUCK PRICE 100,000 SALES TAX 6,000 LICENSE 1,500 TOTAL COST 107,500 DOWN PAYMENT 20,000 LOAN AMOUNT 87,500 This goes into your books as ASSET 100,000the initial of the truck LIABILITY 87,500the loan amount EXPENSE 7,500tax & license PROGRAM ENTRYTo enter your truck in the progam you will first add the truck to the program and create the liability and asset accounts.

to cover the purchase. Click SAVE & EXIT. Enter the date, amount of your trade in than you had the in your asset account you will need to transfer the difference FROM CAPITAL GAINS TO the ASSET ACCOUNT. TYPE LIABILITY AMOUNT Amount you received from the bank.

TYPE LIABILITY AMOUNT Amount you received from the bank. Answer YES to create the Liability and Asset accounts for this truck automatically.NOTEif yougot loan from the bank for the of the truck, taxes, fees, etc.

This is done as single entry on the Income & Expense page. The INTEREST you pay is an EXPENSE and will be shown on your Profit &Loss Report. How this is done will depend on how your DOWN PAYMENT was handled. Go to Truck Maintenance, click ADD TRUCK and complete the Q&A to add the truck. Fill out the truck information including the PURCHASE PRICE and loan information. These are entered as EXPENSES in the normal manner and charged to the appropriate Expense Account.

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