This article addresses how to post a new business vehicle purchase that includes a trade-in of the old business vehicle and income gain from the disposal of this old vehicle. So, let’s get right to it. The scenario is: You purchased a new business vehicle at the dealership for $37,500 and traded in the old
Read MoreThis article deals with posting a business vehicle fixed asset sale in your books. Let’s assume the following items: There were no liens on your business vehicle. This was entirely a cash sale. There are no trade-ins involved. Before proceeding in your books, you will need to realize the following: You
Read MoreThis article deals with posting a business vehicle fixed asset purchase in your books. Let’s assume the following items on your motor vehicle buyers order: Tax, Title, License and Registration fees GAP Insurance There was a cash deposit from the buyer. The vehicle is financed primarily by a loan. In this article, we
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