Good evening, i will explain this as simples as possible, i do not know how to record my purchase. 15k of my own money down on a truck for the business (business could not finance yet) took a picture of the receipt and its added it as a purchase, and also put the vat £7300 to come back to methe vat will come back to the business which is finethe truck is £300 a month from my personal account for 3 years does the business owe me 15k back? how do I record all this correctly Aany help with this will be massively appreciated.

Welcome to Community, michaelb4348. I'm here to make sure you'll be able to record vehicle purchases in QuickBooks Online. QuickBooks provides you an option to add a vehicle to a list of your business vehicles and track expenses like billable mileage. You need to create a fixed asset account to keep track of the items. Here's how: Go to the Accounting menu, and then choose Chart of Accounts. Click New at the upper right corner. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets. In the Detail Type drop-down arrow, select the option that nearly describes the asset. Enter the account name. Put a checkmark beside the Track depreciation of this asset checkbox. Assign an Original Cost and enter the As Of the date of the purchase. Click Save and Close. For additional information, you can refer to this article: Set up an asset account in QuickBooks Online. Upon sharing the steps above, I'd still suggest contacting your accountant. This way, they can guide you through the process to ensure the accuracy of your books after recording this. I've added this article on how to set up a particular account to manually track depreciation using journal entries: Depreciate assets in QuickBooks Online. Drop me a comment below if you have any other concerns about recording a vehicle purchase. I'll be more than happy to help. Wishing you a good one.

M

michaelb4348

Question

Pick up truck

Forum|Forum|3 years ago
October 6, 2022
1 reply
0 views

Good evening,

i will explain this as simples as possible, i do not know how to record my purchase.

15k of my own money down on a truck for the business (business could not finance yet)
took a picture of the receipt and its added it as a purchase, and also put the vat £7300 to come back to me
the vat will come back to the business which is fine
the truck is £300 a month from my personal account for 3 years
does the business owe me 15k back?
how do I record all this correctly

Aany help with this will be massively appreciated.

QuickBooks Accountant Online

L

LeizylM

Welcome to Community, michaelb4348.

I'm here to make sure you'll be able to record vehicle purchases in QuickBooks Online.

QuickBooks provides you an option to add a vehicle to a list of your business vehicles and track expenses like billable mileage. You need to create a fixed asset account to keep track of the items.

Here's how:

Go to the Accounting menu, and then choose Chart of Accounts.
Click New at the upper right corner.
From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.
In the Detail Type drop-down arrow, select the option that nearly describes the asset.
Enter the account name.
Put a checkmark beside the Track depreciation of this asset checkbox.
Assign an Original Cost and enter the As Of the date of the purchase.
Click Save and Close.

For additional information, you can refer to this article: Set up an asset account in QuickBooks Online.

Upon sharing the steps above, I'd still suggest contacting your accountant. This way, they can guide you through the process to ensure the accuracy of your books after recording this.

I've added this article on how to set up a particular account to manually track depreciation using journal entries: Depreciate assets in QuickBooks Online.

Drop me a comment below if you have any other concerns about recording a vehicle purchase. I'll be more than happy to help. Wishing you a good one.

M

michaelb4348Author

Hi Leizy,

Thank you for the reply, I understand the above, but does the 15k i loaned the buisness need recording and is that due back to me?

A

Ashleigh1

Hello Michaelb4348, thanks for coming back on this thread, You might want to speak to an accountant regarding if the business owes the 15k back, it will depend if it was a loan or an investment on your part. Which it will alter how it is recorded in QuickBooks, But the accountant will be able to advise and guide on the best way to record it in your QuickBooks account.

Sign up

Login with SSO

Login to the community

Login with SSO

Scanning file for viruses.

This file cannot be downloaded