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How do you categorize a business vehicle in quickbooks? Do I

Customer Question
included as fixed asset? Other...
how do you categorize a business vehicle in quickbooks? Do I included as fixed asset? Other asset? or other current asset?
Submitted: 3 months ago.Category: Financial Software
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Customer reply replied 3 months ago
or do I need to chose a new category
Answered in 34 minutes by:
10/7/2017
Tech Support Rep: emc011075, Other replied 3 months ago
emc011075
emc011075, Other
Category: Financial Software
Satisfied Customers: 3,341
Experience: As Tax Professional I had been using several financial and tax preparation softwares as part of my job
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Hi. My name is ***** ***** I will be happy to help you.

Vehicles are generally a fixed asset just like building, equipment, land and such. Current asset is generally your account bank account, petty cash, accounts receivable.

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Customer reply replied 3 months ago
got it. What would you put under other assets?
Tech Support Rep: emc011075, Other replied 3 months ago

Intangible asset, like goodwill or other intangible asset. Something that you would normally amortize, not depreciate.

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Customer reply replied 3 months ago
I see. So I am trying to enter what I put in as a down payment for a work truck. I paid 25,000 down and the total cost was 51,126. I invested the 25,000 from my own personal money into the business. So I am crediting the owner equity investment account with 25,000 and then debiting that account to a a fixed asset account. Is that correct. See attached.
Tech Support Rep: emc011075, Other replied 3 months ago

The cost of the vehicle - the fixed asset is 51,126. The difference between the cost and down payment goes to loans. You are financing the remaining balance, correct?

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Customer reply replied 3 months ago
correct
Tech Support Rep: emc011075, Other replied 3 months ago

You will have to set up a loan account that will be reduced as you repay it over time. The loan account will have a credit balance and when you make a payment you will credit your cash and debit your loan account.

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Customer reply replied 3 months ago
I see
Tech Support Rep: emc011075, Other replied 3 months ago

The value of your asset will not change until you sell or otherwise dispose the asset. You will record annual depreciation to offset the value. In order to correctly depreciate it you have to start with the correct value. Some of my clients do the same mistake recording loan repayments as increase in fixed asset. That's wrong.

Is there anything else I can help you with today?

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Customer reply replied 3 months ago
I'll follow-up with you on this a bit later. I have to leave in a few min.
Tech Support Rep: emc011075, Other replied 3 months ago

Ok. No problem.

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Customer reply replied 3 months ago
I created a loan account. Is that what you meant? I included the full cost of the truck? Is that correct or should I have included only the financed amount?
Tech Support Rep: emc011075, Other replied 3 months ago

A loan is type A/P (accounts payable). It is not an asset. Also, the amount of the loan is not 51126, it is only 26126.

You debit fixed asset for 51126, credit equity for 25K and loan account (A/P) for 26126.

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Customer reply replied 3 months ago
ok. When you say "credit equity for 25K" do you mean the equity investment account correct?
Customer reply replied 3 months ago
Also. Do I need to create a separate account for fixed asset and record the total cost of the Truck for depreciation purposes?
Tech Support Rep: emc011075, Other replied 3 months ago

With equity account I mean owner's equity account - your basis in business. You will have one account for vehicle and sub account for depreciation. Like here under fixed asset: http://rppc.net/images/Marked-Balance-Inv.2.jpg

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Category: Financial Software
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