USA Removing a loan in Quickbooks

[chrisbarton777]

I have a client with truck loan in Quickbooks which is paid off. doesn't look like he added it as an asset as it is not in the chart of accounts but shows up as loan liability in a truck account. The balance sheet is balanced and he has no explanation as his old bookkeeper must have created the account wrong. The client expenses gas and insurance but a deprecation account was never set up. I just need to get the paid off loan off the books somehow. Thanks for reading

 

[BIG E]

You need more than just getting the paid off loan off the books.
HOW was the loan paid off if not paid from the business?
And what is a "loan liability in a truck account"? Please explain what that means.
Where in the ledger is the "truck account"?
You've provided an incomplete set of facts to give you advice.

 

[chrisbarton777]

You need more than just getting the paid off loan off the books.
HOW was the loan paid off if not paid from the business?
And what is a "loan liability in a truck account"? Please explain what that means.
Where in the ledger is the "truck account"?
You've provided an incomplete set of facts to give you advice.

It looks as if the client used a personal auto to trade for a new truck ( and replace the old one on the books) which is why I can't see a payoff amount from the company checking account. Also the old truck is called "F250" in the chart of accounts as in Ford truck but it wasn't named an auto loan account, which I would do. The client has chosen to intermingle personal assets with business so I see no resolution. He called this practice "snowballing"

 

[BIG E]

Now you've changed the facts - originally you claimed it's "not in the chart of accounts".
If the original truck showed up - when the new truck was bought - the old truck should have been removed from the balance sheet.
You need to get a lot more documentation of facts before you just plug an entry to wipe off books.