Think of it this way – you’re investing in the business when you loan the car to your business, and then you’re getting the investment back when you pay yourself back the mileage expense. If you want to see the expense represented in QuickBooks, then you need to kind of smush the round peg into the square whole. You can then run a report to see the mileage expense. You can certainly track mileage (Go to Company > Enter Mileage). This is a fussy one…Because mileage isn’t considered an actual expense, even though it is a tax write-off, there is no direct mechanism to get the mileage expense into your P&L. In essence your question is: If you have $100 in mileage expense, how do you record the expense in QuickBooks since it’s a non-cash expense. My question is: When I use my car to deliver flowers, is there a way to still reflect the expense in QuickBooks so I have a better view of the profitability with my flower enterprise? I know that if I were recording how much money I spent on fuel by each transaction then I’d have that information (albeit still inaccurate since we also use the vehicle personally), but since I’m just doing mileage rate I don’t have a specific transaction history to track and enter with date, dollar value, and purpose. I just purchase fuel for my car with our personal bank account, not my business’s bank account, and track my mileage generated from business use. I know that if I declare the mileage rate for using my personal vehicle, I can’t also record the actual expenses incurred for repairs and fuel. I want to record my mileage expense for using my personal car in QuickBooks so I can see the impact of having a vehicle on the different sales channels. Loss on the sale of an asset is an “other expense” account. When you enter in the journal entry, you’ll want to right off the value of the truck, the accumulated depreciation and note the loss on the sale. You sold it for $1,000 less than its value. That means you had a loss on the sale of the asset. Gain on the sale of an asset is an “other income” account. When you enter in the journal entry, you’ll want to right off the value of the truck, the accumulated depreciation and note the gain on the sale. You sold the asset for $1,000 more than its value. That means you had a gain on the sale of the asset. The market value is a different story… and that’s the amount you can sell it for. That means the book value of the truck is $2,000. Let’s say you purchased the truck for $10,000… and the total accumulated depreciation (after recording the 2019 depreciation) is $8,000. Let’s say it’s $500 (Totally making up numbers here): How much did you purchase the truck for?Īsk your accountant the 2019 depreciation for the truck… and get that journal entry into QB.Not sure how… help!īefore I can offer directions, I need a little more information: I sold a truck and want to record the sale, along with depreciation from 2019, so I can take the money to the bank. In this month’s newsletter, I’ll share two of the questions and answers.
HOW TO RECORD SALE OF VEHICLE IN QUICKBOOKS HOW TO
I’m thrilled to know you’re thinking about how to get the most out of them.
The QuickBooks questions are flying in and are getting more advanced.
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