QB Issue Resolution:
you will need to double check with your country accounting standards, but generally speaking
the purchase is a fixed asset
then over the years you post annual depreciation to a sub account of that fixed asset
when you sell, create an income account called gain loss on asset, then journal entries
debit accumulated depreciation, credit gain loss, for the total in the depreciation account
debit gain loss, credit fixed asset car, for the total in the fixed asset account
deposit the funds received and use the gain loss account as the source account for the deposit
Resolution for Issue 'How do I show the purchase and later the sale of a motor vehicle? On the original BILL , what category do I use. Do I enter the vehicle as an inventory item.' available: Yes (Solved).
Source: Intuit Community forum.
How do I show the purchase and later the sale of a motor vehicle? On the original BILL , what category do I use. Do I enter the vehicle as an inventory item.: 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 income account
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