You should have the company vehicle on the books as a fixed asset and an associated fixed asset accumulated depreciation account too

Create an income account called gain/loss on asset, then do the journal entries

debit gain loss
credit fixed asset account for the amount in this account

debit accumulated depreciation – vehicle for […]

Resolution for 'company vehicle on the books as a fixed asset issue: 'A vehicle was totaled, the insurance Company paid for it. it was entered in as a credit to the ins. company and now they have a credit…how do I correct this? QB online The Insurance company paid for a vehicle that was totaled. It was paid in full already, so no payoff balance. the check was entered in as a credit to the ins company. So now the ins. company has a credit on their account. Which they should not have…how do I correct this in QB online?' available: Yes.

The company vehicle on the books as a fixed asset 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 company vehicle on the books as a fixed asset issue yourself by looking for a resolution described in the article. If it is a complex company vehicle on the books as a fixed asset issue or you are unable to solve the issue, you may contact us by clicking here or by using other company vehicle on the books as a fixed asset support options.

For more information about resolving issues related to company vehicle on the books as a fixed asset in Quickbooks/QBO or to get support for the issue 'A vehicle was totaled, the insurance Company paid for it. it was entered in as a credit to the ins. company and now they have a credit…how do I correct this? QB online The Insurance company paid for a vehicle that was totaled. It was paid in full already, so no payoff balance. the check was entered in as a credit to the ins company. So now the ins. company has a credit on their account. Which they should not have…how do I correct this in QB online?', click the link below: