Hi there,
Any suggestions as to how I would use the IbearMoney so that I can account for the purchase of a new car and having car loan to pay it off?
For example, if I were to buy a car which cost $30,000 and paid $5000 as my initial payment from my credit card, then do I
1) Create a new asset under "Property and Other" called Car and give a value of $30,000
2) Create a new liability of under "Other Liabilities" called Car Loan and give a value of $25,000
3) Create a new transaction of expense from my Credit Card Liability of $5000 (here I have already created a liability of my credit card)
Is this how I should account the above purchase? Thanks
Chamkaur
