Auto Purcahse and Loan

First, I know nothing about accounting. I've beenusing quickbooks 2000 for years and it does what I need.

For the first time I need to enter a new car, the purhcase, the loan the downpayment, the payments, interst, etc. I've tried the 'Help' button and the instruction are too confusing.

Any simple help would be appreciated. snipped-for-privacy@donnagrossmancasting.com

Your version of Quickbooks will not 'keep track' of loan interest and principle balance in the way a personal finance program, like Money or Quicken, will.

You must enter all information 'manually'. I'm not in the office near the file to be able to look up what accounts my Accountant set up for me. If the instructions in the help file are too confusing, you may want to make an appointment with your accountant to help with the setup.

If you have only one loan, your accountant might suggest that you wait till years end. The accountant can set it up then. This may actually save some time, as, unless you are going to edit each payment you make with the current interest and principal breakdown, your accountant is going to have to adjust the interest and principal at years end, using your end of year statement.

It not the interest tracking, it how to set up the asset, liability account, etc.

It not the interest tracking, it how to set up the asset, liability account, etc.