Hi. I run QB for a self-employed chap and he has bought a new piece of equipment but used an older (bought pre-QB) machine as part exchange. He uses cash basis and is VAT registered. All equipment has been put through as purchases, not assets. He paid the balance, but now I'm unsure how to record the part exchange element to a) show its paid in full and b) to record it in the VAT account to lower the VAT liability. Please help! Emma
