Recording Car Loan
How do you record a financed vehicle purchase in Solo when the finance company pays the dealer directly and there is no bank transaction?
I’ve:
- Created a Motor Vehicle asset category.
- Created a Vehicle Finance liability category.
- Recorded a $5,000 deposit paid from my business bank account.
- The remaining $34,483 was paid directly to the dealer by the finance company.
Solo Support said to use the liability category to track the opening balance and repayments, but I can’t find any way to enter the opening loan balance of $34,483.
How have others recorded this so the vehicle shows as an asset and the finance shows as a liability?
