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Personal Accounting Set Up - How to enter a Car Loan?
Let's say that I purchased the car for $15,000
After the term of the loan is over and paid for it will be $17,500.
Under "Fixed Assets - Car" do I put $15,000 or $17,500?
I am guessing that I put $15,000 and calculate the rest under "Car Interest", no?
The interest is already calculated in the loan and set to $2500 and included in the total of my monthly payments, that won't change... So...? Is it still separate?
For the interest, do I put in the monthly interest amount via the loan rate percentage, say 3.9%? My monthly payments will not change... and calculating by percentage it may not come to the same whole number that the loan payment is set to.
Then there's the monthly "Car Payments" I put under expenses, of say $175, which includes the interest on the loan. I cannot separate the interest from the monthly payments, but somehow I must separate the interest from the true value of the car, correct? How do I do that?
When calculating "Car Depreciation" I will use $15,000 as the starting number, correct? Since that's how much it was originally worth.
I also put a down-payment of $1000 to reduce the monthly payments. Where do I enter this into the equation?
The software I'm using has loans set up as such:
Basic Car Loan Account Structure
-Asset
-----Current Assets
---------Savings Account
-----Fixed Assets
---------Car
-Liability
----Loans
--------Car Loan
-Expenses
----Interest
--------Car Loan Interest
----Car Loan Adm Fees
3 Answers
- Anonymous1 decade agoFavorite Answer
For the fixed assets, you should put 15,000 since that is what you paid for the care. There should be a way of imputing the car loan so that it inputs the correct amount for the payment of principal and interest. You should not include anything for car depreciation since the value has not changed since you bought it. The down payment should reduce the amount that you borrowed for the car loan but should not be input separately. What system are you trying to enter the information into?
- Anonymous1 decade ago
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