create the new fixed asset account (NFA) for the new item
Create a new liability account for the new loan

calculate and post partial year depreciation for the old fixed asset (OFA)

Journal entriesĀ  ( the account with *** means to use the current balance in that account for the entry)

debit accumulated depreciation*** […]

Resolution for 'balance in that account issue: 'Have a piece of equipment with loan. Purchased new equipment and trading in old equipment towards cost of new. How do I handle the tradein? Offset purchase of old?' available: Yes.

The balance in that account 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 balance in that account issue yourself by looking for a resolution described in the article. If it is a complex balance in that account issue or you are unable to solve the issue, you may contact us by clicking here or by using other balance in that account support options.

For more information about resolving issues related to balance in that account in Quickbooks/QBO or to get support for the issue 'Have a piece of equipment with loan. Purchased new equipment and trading in old equipment towards cost of new. How do I handle the tradein? Offset purchase of old?', click the link below: