Trading in a vehicle

Posted by ME on June 6, 2009, 5:36 pm

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I just traded in one transport truck for another, with one year left on
loan..there was a buy out paid and then a lease for the new one

what is the best way to record this using qb 2009?

tia

Posted by Haskel LaPort on June 6, 2009, 6:10 pm

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>I just traded in one transport truck for another, with one year left on

>loan..there was a buy out paid and then a lease for the new one

> what is the best way to record this using qb 2009?

> tia

How were you accounting for the first truck? What are the terms of the lease
for the new truck. The question is a tax question and will be the same for
any accounting system be it manual or computerized.

Posted by ME on June 12, 2009, 7:51 am

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the first truck is in as a LT Liabilty. If anyone has guidence i would
apprieciate it. I just want to know how to tie up the first and incorporate
the next. How to enter into qb.

>>I just traded in one transport truck for another, with one year left on

>>loan..there was a buy out paid and then a lease for the new one

>> what is the best way to record this using qb 2009?

>> tia

> How were you accounting for the first truck? What are the terms of the

> lease for the new truck. The question is a tax question and will be the

> same for any accounting system be it manual or computerized.

Posted by Haskel LaPort on June 12, 2009, 3:36 pm

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How about the new lease? Is it a operating lease or a capital lease? Was the
buy out equal to the liability left on the books?

> the first truck is in as a LT Liabilty. If anyone has guidence i would

> apprieciate it. I just want to know how to tie up the first and

> incorporate the next. How to enter into qb.

>>>I just traded in one transport truck for another, with one year left on

>>>loan..there was a buy out paid and then a lease for the new one

>>>

>>> what is the best way to record this using qb 2009?

>>>

>>> tia

>>>

>> How were you accounting for the first truck? What are the terms of the

>> lease for the new truck. The question is a tax question and will be the

>> same for any accounting system be it manual or computerized.