cancel
Showing results for 
Search instead for 
Did you mean: 
chavianohandyman
Level 1

I currently finance a personal work van that I use 100% for our business, 0% personal use. How can I set it up as a business expense? or is it an asset? Thanks in advance

 
Solved
Best answer May 15, 2020

Best Answers
Joesem M
QuickBooks Team

I currently finance a personal work van that I use 100% for our business, 0% personal use. How can I set it up as a business expense? or is it an asset? Thanks in advance

Thanks for reaching out to the Community space, @chavianohandyman.

 

You can set up a fixed asset account for this in the Chart of Accounts. This way, you can track and enter any payments associated with that vehicle.

 

Here's how:

 

  1. Click the Gear⚙ icon or Accounting tab.
  2. Select Chart of Accounts.
  3. Click New
  4. In the Account Type drop-down enter Fixed Assets.
  5. In the Detail Type drop-down select Vehicles.
  6. Enter the necessary information.
  7. Select Save and Close.

jj.PNG

 

However, I'd suggest consulting an accountant. They can provide more expert advice in dealing with this concern to ensure your book is accurate.

 

I've added these articles to learn more about Chart accounts and how to set it up in QuickBooks:

 

 

Please post again in the Community if you need anything else. I’ll be more than happy to help. Thanks for dropping by and take care!

View solution in original post

1 Comment 1
Joesem M
QuickBooks Team

I currently finance a personal work van that I use 100% for our business, 0% personal use. How can I set it up as a business expense? or is it an asset? Thanks in advance

Thanks for reaching out to the Community space, @chavianohandyman.

 

You can set up a fixed asset account for this in the Chart of Accounts. This way, you can track and enter any payments associated with that vehicle.

 

Here's how:

 

  1. Click the Gear⚙ icon or Accounting tab.
  2. Select Chart of Accounts.
  3. Click New
  4. In the Account Type drop-down enter Fixed Assets.
  5. In the Detail Type drop-down select Vehicles.
  6. Enter the necessary information.
  7. Select Save and Close.

jj.PNG

 

However, I'd suggest consulting an accountant. They can provide more expert advice in dealing with this concern to ensure your book is accurate.

 

I've added these articles to learn more about Chart accounts and how to set it up in QuickBooks:

 

 

Please post again in the Community if you need anything else. I’ll be more than happy to help. Thanks for dropping by and take care!

View solution in original post

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up