We are not authorised to give accounting advice; you should seek advice from your accountant when required.
You could edit the expense as follows:
- Go to ‘Bank Transactions’ in the main menu
- Select the transaction click 'Split/Attach' to open the expanded view
- Select a primary category for the transaction
- Select 'Split Category/VAT'
- Choose a second category and enter the price of your old vehicle as a negative value, e.g. -750
- If you are paying or deducting VAT for the transaction, ensure that this is recorded
- You will have an amount 'Still to Review':
- Deduct this amount from the gross value of the transaction:
- Select 'Done' and then 'Confirm'
From the transaction details, you also can set the billing date in the past if the actual sale occurred prior to the transaction date.
Your accountant should advise you on exactly which categories and VAT to enter, the screenshot below is an example. You may also want to ask your accountant if you should enter the original price of the part-exchanged vehicle as the trade-in price, and deduct it using a depreciation account. If this is required, a depreciation category can be added to your account.