QB Issue Resolution:
Hmm, thanks but I’m not sure I follow. How do I record the removal of the old truck, which I have under Fixed Assets – Vehicles?
It seems that the robot that answered the question determined that the word “trade” was the key word
Cost price of new truck = $40k
Cost price of old truck = $35k
Accum Depreciation of old truck = $25k
Trade-in value = $6K
The Journal Entry to record this:
Debit Truck Fixed Asset $40k
Credit Truck Fixed Asset $35k
Debit Accum Depreciation Fixed Asset $25k
Debit Loss on Disposal of Fixed Assets (other expense account) $4k
Credit Bank $34k
Resolution for Issue 'We just traded in an old truck for a new one and paid cash for the balance. Both trucks were recorded as assets. How do we record the transaction with the trade in?' available: Yes (Solved).
Source: Intuit Community forum.
We just traded in an old truck for a new one and paid cash for the balance. Both trucks were recorded as assets. How do we record the transaction with the trade in?: 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 QBO
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