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Level 1

We bought several vehicles this year do I need to make separate accounts for each one?

Hello,

This year we purchased 2 enclosed trailers and 2 used vehicles all with loans. Do I have to make separate asset, liability and interest (expense) accounts for each asset? or can I group all vehicles under one truck loan/interest paid account and the same with both trailers?

Thanks

1 Comment
QuickBooks Team

We bought several vehicles this year do I need to make separate accounts for each one?

Hello ubforming,

 

Congratulations on purchasing new vehicles and trailers!  Recording your transactions the right way is a good exercise for preventing errors in your books. Since QuickBooks is easy to use program you can seamlessly get your work done faster. 

 

I'd be happy to steer you in the right direction so you can focus on doing the things you enjoy. To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the transactions. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here.

 

I'll also leave this question here so other accounting professional members can chime in. Let me know if you have other questions. I'm here to help.