@DesertPenguinBooks
"is there ever a time we would record the payment on the credit card as an expense? Specifically and expense for the vehicle? My thinking is "no" since we already recorded 100% of the purchase with the credit card and the monthly card payment just pays down the liability account for the card. Other than deduction vehicle expenses or using the mileage rate.... there would be no recording of expenses for payments on this vehicle, am I correct?"
Yes, you're exactly correct. CC payments are never an expense, they are a reduction in your cc liability account. CC charges, when made, can be an expense if you record them as such. In your case, you correctly recorded the purchase as a fixed asset and will expense the purchase price of the vehicle through depreciation (debit depreciation expense, credit accumulated depreciation). Costs of owning and operating the vehicle are expensed when incurred either by using the actual expense method or the mileage method.
