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PC Community, can you share with me the appropriate way to account for a new vehicle fixed asset into V11.5, as well as the subsequent loan payment entry?

Thanks in advance

Using the following assumptions, here are the accounting entries you would make.

1). Vehicle purchase - assume cost of vehicle $20,000.00. Assume paid for with a $5,000.00 down payment from the checking account and a $15,000.00 loan

Debit Fixed Assets - Vehicles $20,000.00
Credit Checking Account $5,000.00
Credit Vehicle Loan (Liability) $15,000.00

2). Loan payment - assume the payment is $300.00, of which $50.00 is interest and $250.00 is principal.

Debit Interest Expense - Vehicle Loan $50.00
Debit Vehicle Loan (Liability) $250.00
Credit Checking Account $300.00

Please note that the amounts to interest and principal will change each month.