Part exchanged vehicle sales invoice

[rhc]

Hi,
Have a look here which is may useful

https://support.quickfile.co.uk/t/accounting-for-part-exchange-vehicles/18309

Part exchange on a vehicle

Hi. I have setup a friend (car dealer) with quickfile. He’s asked me a question i’m not too sure on. If he sells a car for say 5000 and he receives a car in part exhange, that he gives the customer £2000 back on, how would he account this in invoices? I am thinking he invoices for the full amount of the vehicle as a sale of asset, then creates a part exchange holdings account. He then tags a £3000 payment to his bank / card / cash whatever, then a £2000 payment to the "part ex holdings accoun…