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triona@simplyboo
Level 1

How do I account for import vehicle from Northern Ireland to Ireland for business use.

 
1 Comment 1
AileneA
QuickBooks Team

How do I account for import vehicle from Northern Ireland to Ireland for business use.

Hi there, triona.

 

Thank you for reaching out to us in the Community. I'm here to help you record a vehicle imported from Northern Ireland to Ireland in QuickBooks Online. The first step in recording a vehicle imported in QuickBooks involves creating a new account dedicated to the vehicle within the Chart of Accounts to track its value accurately. Following these steps to ensure accurate recording and tracking of your vehicle purchase:

 

Create a New Account:

 

  1. Go to the Chart of Accounts by clicking the Gear icon in the top right corner.
  2. Under Your Company, select Chart of Accounts.
  3. Click on New to create a new account.
  4. Choose the appropriate account type, such as Fixed Assets or Vehicles.
  5. Enter a name for the account (e.g., "Vehicle Purchase").
  6. Save the account. 

 

Then, record the vehicle purchase:

 

  1. Go to the + New icon in the top right corner and select Expense or Check under "Vendors."
  2. Fill in the necessary details, such as the vendor, purchase date, and payment method.
  3. Select the account you created for the vehicle purchase in the Category section.
  4. Enter the purchase amount in the appropriate field.
  5. If you financed the vehicle, you may need to create a liability account for the loan.
  6. Save the transaction.

 

Following these steps, you can accurately record and track your vehicle purchase in QuickBooks Online. However, I suggest consulting with your accountant or tax advisor for any specific requirements or guidance to handle the appropriate account type. If you don't have an accountant, I can help you find one. Feel free to visit this page to find an accountant for your business: Find a QuickBooks ProAdvisor.

 

I'll be right here to keep helping if you have any other concerns. Just add the details below, and I'll get back to you. Have a great day!