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 V...
Forum Discussion
Hey there MeganBerryman - thanks for stopping by!
At the moment, Solo doesn’t have a dedicated opening balance feature. However, you can use the Record Income and Record Expense feature to manually enter amounts against the relevant category to reflect your starting balance.
As always, we recommend checking in with your accountant to make sure this approach works for your specific situation and that the correct tax codes are being applied. You are also able to share access with your accountant or bookkeeper to ensure any new records introduced are correctly recorded.
We've also got a community-raised suggestion over on our Ideas board for a similar topic, I definitely recommend upvoting!
