QB Issue Resolution:
Buying it created a Fixed Asset. If you held it and used it you would take depreciation to recover cost. If title transferred Create a sales receipt for selling price and reduce it by the Current Asset private loan amount. Each month contractor pays you apply to principal and interest. You can instead apply amounts you owe him for work but it gets more complicated, best to have a paper check trail to follow. Otherwise you may have wrong 1099.
Resolution for Issue 'COMPANY BOUGHT AND SELLING TO VENDOR The company bought a car and now is selling to a contractor on monthly payments' available: Yes (Solved).
Source: Intuit Community forum.
COMPANY BOUGHT AND SELLING TO VENDOR The company bought a car and now is selling to a contractor on monthly payments: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for COMPANY BOUGHT AND SELLING TO VENDOR
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