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jpc4
July 4, 2023
Question

new van

  • July 4, 2023
  • 3 replies
  • 0 views

hi

i bought a new van for work , what category do i put it in? 

3 replies

MJoy_D
MJoy_D
July 4, 2023

I can help you with setting up your new van in QuickBooks Online (QBO), @jpc4.

 

You can have this van as an asset. Just go to your Chart of Accounts and set this up as a Tangible Asset. 

 

Follow the steps below:

 

  1. Go to the Gear icon (⚙) and select Chart of Accounts.
  2. Click on New.
  3. From the Account Type dropdown, select Tangible Assets.
  4. From the Detail Type dropdown, choose the option that suits this asset. 
  5. Set a name for this account, then click on the Track depreciation of this asset checkbox.
  6. Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
  7. Click on Save and Close once you're done. 

 

Refer to this article for more information about setting up an asset account in QuickBooks Online. 

 

Here's more information about recording the depreciation of your assets in QBO: Depreciate assets in QuickBooks Online.

 

Let me know if you have further questions in recording your new van in QBO. I'm always glad to help in any way I can. Have a great rest of the day!

jpc4Author
July 4, 2023

what do i categorise the van receipt with ?

many thanks

emmam6
July 4, 2023

Hello Jpc4, thanks for your reply. If you're asking which expense category to use for the van purchase transaction, it is just a case of either using the one you think is most suited that exists in the chart of accounts or creating your own expense category. 

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