Splitting auto expenses across two businesses
I purchased a truck this year for use in two businesses and for personal use. The primary business is an llc with S-corp election. I used funds from this business to make a large downpayment on the truck and the truck is listed as an asset in this business. The second business is an STR which is in a Qualified Joint venture with the wife. I will make the 60/40 business to personal use ratio if I combine use from both businesses. I'm using actual expenses method. CPA advised to expense all the vehicle expenses from both businesses under the S-corp and then send an adjustment from the STR business to the S-corp to account for the percentage that was used in the STR. Two questions. First is this a legit method of doing it, and if so how do I go about recording that adjustment in QBO? Both businesses have their own QBO account. TIA
