Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Hello
I am pretty new in QBs and business, and I am a little bit confused about categories & schedule C. My question is:
Under which category should I list my 18 wheeler truck payments? Is it under ( Car & Truck) category?
Noting that I bought it in cash.
Thank you!
Samar [removed]
Solved! Go to Solution.
Let me welcome you first to the Community, Samar.
I recognize how essential for your business to properly classify your truck payment. This ensures they're recorded to the correct line on the tax form.
You can use the Car and truck category to track the transaction. However, I still advise contacting an accountant first for further guidance. They can provide options on which Schedule C category to use. Reaching out to them ensures your tax information is in order.
Once you have the complete details, let's go ahead and input the entry. Here's how:
These resources cover topics on how to enter sales income and expenses as well as the list of categories:
If you require further information on specific QBSE tasks, you can use our online resources. They're grouped according to topic so you can locate the article right away.
Reach out to me again if you have additional questions or clarifications about tracking entries. I'm always ready to respond to them.
Let me welcome you first to the Community, Samar.
I recognize how essential for your business to properly classify your truck payment. This ensures they're recorded to the correct line on the tax form.
You can use the Car and truck category to track the transaction. However, I still advise contacting an accountant first for further guidance. They can provide options on which Schedule C category to use. Reaching out to them ensures your tax information is in order.
Once you have the complete details, let's go ahead and input the entry. Here's how:
These resources cover topics on how to enter sales income and expenses as well as the list of categories:
If you require further information on specific QBSE tasks, you can use our online resources. They're grouped according to topic so you can locate the article right away.
Reach out to me again if you have additional questions or clarifications about tracking entries. I'm always ready to respond to them.
Thank you so much.
You're welcome, Samar.
It's good to know that the answer shared by my colleague helps you. You can also visit our Help Articles page to browse information that can guide you in completing different tasks in QuickBooks Self-Employed. If you have other questions in mind, feel free to leave a reply. Have a good one!
The loan payment is NOT an expense. It simply goes against the loan balance. Your dedication for your truck comes in the form of depreciation.
INCORRECT!!! The loan payment is NOT considered an expense in accounting. You apply the payment toward the loan, but your deduction comes in the form of depreciation of your truck's value.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here