How to categorize certain items for a trucking business in Chart of Accounts?
Hello, we are a multi-member LLC (trucking company) and I want to make sure our initial setup is correct. We will haul a load for a customer from Point A to Point B and then receive payment. So my questions are...
Is the "Service/Fee" Income account what we should use when getting paid for hauling loads?
How do we categorize a truck we buy outright (no loan) in accounts?
How do we categorize GPS/logging devices purchased for trucks and their annual licensing costs.
Hello, we are a multi-member LLC (trucking company) and I want to make sure our initial setup is correct. We will haul a load for a customer from Point A to Point B and then receive payment. So my questions are...
Is the "Service/Fee" Income account what we should use when getting paid for hauling loads Yes
How do we categorize a truck we buy outright (no loan) in accounts? it is a fixed asset subject to accumulated annual depreciation
How do we categorize GPS/logging devices purchased for trucks and their annual licensing costs. If each costs less than 2,500 you can expense them, or you can list them as fixed assets and depreciate them. The annual licensing cost is an expense.
Hello, we are a multi-member LLC (trucking company) and I want to make sure our initial setup is correct. We will haul a load for a customer from Point A to Point B and then receive payment. So my questions are...
Is the "Service/Fee" Income account what we should use when getting paid for hauling loads Yes
How do we categorize a truck we buy outright (no loan) in accounts? it is a fixed asset subject to accumulated annual depreciation
How do we categorize GPS/logging devices purchased for trucks and their annual licensing costs. If each costs less than 2,500 you can expense them, or you can list them as fixed assets and depreciate them. The annual licensing cost is an expense.
How to categorize certain items for a trucking business in Chart of Accounts?
What type of expense? can it be Administrative expense?
How do we categorize GPS/logging devices purchased for trucks and their annual licensing costs. If each costs less than 2,500 you can expense them, or you can list them as fixed assets and depreciate them. The annual licensing cost is an expense.
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