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How do you post the other fees and expenses when buying a new car? Like sales tax, registration, doc fees.
do these get separated ?
Let me help record these transactions in QuickBooks, @RQ.
We can add an expense account to your Chart of Accounts to post your car's sales tax, registration and document fees. Here's how:
Once done, you can now create an expense transaction to record them in QuickBooks Online. We can simply follow these steps:
You can run an expense report to track what you've spent in QBO. You might also want to customize these reports to get awesome insights into your financial accounts.
You can always share your concerns here in the Community. We're always ready to provide you assistance.
@RQ wrote:
How do you post the other fees and expenses when buying a new car? Like sales tax, registration, doc fees.
do these get separated ?
No they do not get separated for a purchase, the purchase price of the car should post to a fixed asset account. purchase price is the cost, that includes all fees, prep, and taxes
2020 transit van
>> cost
>> accum. depreciation transit van
That is the way I set up the fixed asset accounts for a car, the whole structure is under the fixed asset heading on the balance sheet
What about a warranty that was purchased? We bought a used pick up and added a three year warranty. Is that part of the asset or is it an expense?
Would you also create an income acct for the fees you charge the customers at time of sale?
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