How are users handling EV charging costs?

Welcome to the Community page, @Sam32211.

Handling EV charging costs can vary based on your organization's preferences and the specific financial and reporting requirements you have. 

It's better to create a separate account specifically for EV charging costs. This allows you to track these expenses separately from traditional fuel costs, providing clearer insight into the operational costs associated with your EV truck. This approach might help when analyzing the cost-effectiveness of using electric vehicles versus traditional fuel-powered ones.

You can also choose to combine EV charging costs with traditional fuel costs in the same account. This approach simplifies record-keeping and reporting, especially if you already have established systems for tracking fuel expenses. However, keep in mind that it might make it more challenging to analyze the specific costs related to operating your EV truck.

To record your expenses in QBO, you may follow the following steps: 

1. Click + New. Then select Expense.
2. In the Payee field, select the vendor. 
3. In the Payment account field, choose the account you used to pay for the expense.
4. In the Payment date field, enter the date for the expense.
5. Select how you paid for the expense in the Payment method field.
6. If you want detailed tracking, enter a Ref no or Permit no. This is optional.
7. In the Tags field, enter the preferred label to categorize your money.
8. In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions. Then enter a description.
9. Enter the Amount and Tax.
10. If you plan to bill a customer for the expense, select the Billable checkbox and enter their name in the Customer field. 
11. Once done, click Save and close.

Depending on your location and tax regulations, there might be tax benefits or incentives associated with electric vehicle usage and charging. By maintaining a separate account for EV charging costs, you might be better positioned to identify and utilize these potential benefits when tax season comes around.

Given the complex nature of tax regulations and financial planning, it's recommended to consult with a financial advisor or accountant. They can help you determine whether it's advantageous to keep EV charging costs separate or lump them in with fuel expenses.

I'm also adding this resource to utilize projects and help track your labor costs and profitability in QuickBooks: Track hourly labor costs and profitability by project in QuickBooks.

Thank you for reaching out to us with your inquiry about handling EV charging costs. Feel free to reach out at any time. Keep safe!