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Track expenses for vehicles in QBDT Premier Plus Contractor's Ed. 2022

Forum|Forum|2 years ago
November 8, 2023
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I haven't been doing this, but I should - allocate expenses such as parts, service, gas, insurance, etc. to the specific vehicle(s) for which they are purchased.

I have just been putting them in the COA, under Vehicle expenses, but grouped, not specified for which vehicle. (This list of expenses is growing each month).

Where should they be allocated? I do have the vehicles in the FAM and I do have them in the Fixed Asset Item List. Can expenses be added to those? Or should I set up in COA a separate Expense account for each vehicle, then sub account for Parts, Insurance, gas, etc. ?

And, can I go back to edit those expense already added to QBDT, to put them in the correct expense accounts?

QuickBooks Desktop

Best answer by SirielJeaB

I appreciate your continued participation in the Community space, victoriah1956. I'll answer your questions about tracking expenses in QuickBooks Desktop (QBDT).

First, you don't need to add the expense items to the FAM and Fixed Item List. Second, you can set up Expense accounts for the purchased vehicle(s) and then create subaccounts for Parts, Insurance, Gas, etc. Lastly, you can edit those expenses already added to the system and put them in the correct accounts.

To set up the parent accounts:

Go to the Lists menu, then choose Chart of Accounts.
From the Account dropdown, click on New.
Select an expense account, then select Continue.
Complete the account details.
Tap on Save & Close.

You can follow the same process for creating subaccounts. However, check the Subaccount of box, select the parent account from the dropdown, and click Save & Close.

You can also read this resource for more details on handling your chart of accounts: Add, edit, or delete accounts in QuickBooks Desktop.

You'll want to learn how to track account balances using different classes within the program: Set up and use class tracking in QuickBooks Desktop.

I'll be available for any additional follow-up questions you may have. Kindly tag me in your reply, and I'll assist you promptly. Have a good day ahead.

S

SirielJeaBAnswer

I appreciate your continued participation in the Community space, victoriah1956. I'll answer your questions about tracking expenses in QuickBooks Desktop (QBDT).

First, you don't need to add the expense items to the FAM and Fixed Item List. Second, you can set up Expense accounts for the purchased vehicle(s) and then create subaccounts for Parts, Insurance, Gas, etc. Lastly, you can edit those expenses already added to the system and put them in the correct accounts.

To set up the parent accounts:

Go to the Lists menu, then choose Chart of Accounts.
From the Account dropdown, click on New.
Select an expense account, then select Continue.
Complete the account details.
Tap on Save & Close.

You can follow the same process for creating subaccounts. However, check the Subaccount of box, select the parent account from the dropdown, and click Save & Close.

You can also read this resource for more details on handling your chart of accounts: Add, edit, or delete accounts in QuickBooks Desktop.

You'll want to learn how to track account balances using different classes within the program: Set up and use class tracking in QuickBooks Desktop.

I'll be available for any additional follow-up questions you may have. Kindly tag me in your reply, and I'll assist you promptly. Have a good day ahead.

V

victoriah1956Author

A follow-up to this question - when I record vehicle parts, expenses, etc...under which "TYPE" should they be categorized? (Non-Inventory part, Other charge, fixed asset ?) So, far I believe I've been putting them under Non-inventory part, but that doesn't seem right somehow.

Thanks in advance for any assistance on this question.

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