QuickBooks provides a business vehicle mileage tracker that you can use to track information regarding the vehicles, maintaining costs, and tally business mileage records. It maintains records of total miles and business miles that helps you in deducts your vehicle expenses on your tax return. It makes your depreciation records and your vehicle mileage rates.
Let us talk about what type of vehicles are defined in QuickBooks. QuickBooks track and manage your business vehicles such as the list of vendors and customers. QuickBooks creates a list of business vehicles which leads to track the record and manages all business expenses such as tax return, maintain the real cost of the products, and update all data regarding the product.
How you can track the record of vehicle mileage in QuickBooks?
To track the mileage of the vehicle in QuickBooks, you need to perform these steps:
- First of all, go to the QuickBooks menu and select your “Company” and then click on ”Enter Vehicle Mileage.”
- After that, select the vehicle as per your entered data requirements to track the mileage.
- You need to fill all the necessary information regarding all transactions to record the mileage.
- Then enter the mileage reading data and QuickBooks sums-up total mileage of business vehicle and expenses.
- In any case, if you want the track the record of the customer’s bill, you need to choose “Billable” from the checkbox.
- In the end, choose the “Mileage” to track the customer’s bill from the drop-down options of “Customer’s Job and item.”
How you can track the operating office equipment in QuickBooks?
To track business office equipment in QuickBooks, follow the below steps:
- Go to the menu and click on “List” and select “Fixed Asset Item List.”
- Then click on the “product” and then scroll your click on “Add Product.”
- Then enter the whole information regarding your product such as total cost, warranty time, expiration date and many more.
After following all these steps, you are all set to track the exact location of the office equipment.
How to Add Vehicles in QuickBooks Pro
1: First, choose “company” menu of QB’S and select “vehicle mileage”.
2: Select vehicle list from the vehicle list window.
3: Select the “vehicle menu” and “New”.
4: Enter the name of the vehicle, including its model number, year, license number and company specific number and VIN number.
5: Click “ok” and save the vehicle description.
Advantages
1: It maintains up to date records of every mileage transactions, provides mileage readings and calculate the total mileage from start to end date.
2: Quickbooks provides 4 different mileage reports such as vehicle details, vehicle summary, job details and job summary.
3: It lists users with IRS mileage rates and updates it.
4: It enhanced Double entry bookkeeping so that, you can calculate account balance from any account.
5: It provides you the option to “add employee information” in order to reimburse the traveling expenses.
6: Users also may track office equipments from “Fixed Asset item List”
CONCLUSION
It doesn’t maintain regular reports of vehicles, but also tracks transactions related to serial number and purchase order number, etc. It also provides you depreciation records, that helps you most during paying taxes. To know more contact QuickBooks Pro Support Phone contact .
Source: 99accounting
