Financial Software

Financial software questions? Ask IT support for answers ASAP

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
how do you categorize a...
how do you categorize a business vehicle in quickbooks? Do I included as fixed asset? Other asset? or other current asset?
Submitted: 9 months ago.Category: Financial Software
Show More
Show Less
Ask Your Own Financial Software Question
Customer reply replied 9 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 9 months ago
emc011075
emc011075, Other
Category: Financial Software
Satisfied Customers: 3,873
Experience: As Tax Professional I had been using several financial and tax preparation softwares as part of my job
Verified

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.

Ask Your Own Financial Software Question
Customer reply replied 9 months ago
got it. What would you put under other assets?
Tech Support Rep: emc011075, Other replied 9 months ago

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

Ask Your Own Financial Software Question
Customer reply replied 9 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 9 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?

Ask Your Own Financial Software Question
Customer reply replied 9 months ago
correct
Tech Support Rep: emc011075, Other replied 9 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.

Ask Your Own Financial Software Question
Customer reply replied 9 months ago
I see
Tech Support Rep: emc011075, Other replied 9 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?

Ask Your Own Financial Software Question
Customer reply replied 9 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 9 months ago

Ok. No problem.

Ask Your Own Financial Software Question
Customer reply replied 9 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 9 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.

Ask Your Own Financial Software Question
Customer reply replied 9 months ago
ok. When you say "credit equity for 25K" do you mean the equity investment account correct?
Customer reply replied 9 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 9 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

Ask Your Own Financial Software Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tech support repLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Other
Category: Financial Software
Satisfied Customers: 3,873
3,873 Satisfied Customers
Experience: As Tax Professional I had been using several financial and tax preparation softwares as part of my job

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Robert M.

Robert M.

Consultant

3,166 satisfied customers

30 yrs. of computer experience in financial and marketing departments.

Doug Millington

Doug Millington

Certified Public Accountant (CPA)

268 satisfied customers

Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.

AnswerCPA

AnswerCPA

Advisor

175 satisfied customers

QuickBooks Pro Advisor

Leanne Stewart

Leanne Stewart

Quickbooks Pro Certified

153 satisfied customers

QuickBooks certified, in my own business for 7+ years.

David Bennett

David Bennett

Certified QuickBooks ProAdvisor

91 satisfied customers

16+ yrs exper. QuickBooks Specialist, contract accounting technician, consultant & trainer!

jgordosea

jgordosea

Enrolled Agent

80 satisfied customers

Three years as Expert support for Turbotax Ask a Tax Expert, Quickbooks support and use >6 yrs

Tom K

Tom K

Assistant Information Systems Manager

47 satisfied customers

Experienced in the usage of Financial programs such as Quickbooks, Peachtree, and Quicken.

< Previous | Next >

Related Financial Software Questions
I have used quick books in the past but now I have an apple
I have used quick books in the past but now I have an apple computer and wonder what Quicken product would suit our farm/financial records. … read more
Robert M.
Robert M.
Consultant
Bachelor's Degree
3,166 satisfied customers
Quickbooks- I have several business charges that were made
Quickbooks- I have several business charges that were made on my persoanl CC. My personal CC is not linked with my QBO. What is the best method to allocate charges made for the business, with an accou… read more
Emilee Weaver
Emilee Weaver
Controller
Masters of Professional Accounting
90 satisfied customers
Loan to Shareholder” How do I set this up? Is it a fixed
Loan to Shareholder” How do I set this up? Is it a fixed Asset , Asset, other Asset?? so confused :/ … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm working with Quickbooks and have a question: I need
I'm working with Quickbooks and have a question: I need to enter working capital that is part of a 25 year fixed building loan with Wells Fargo. We distributed out the entire working capital so we nee… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master\u0027s Degree
167 satisfied customers
, you have been very helpful in the past so I would like
Hi, you have been very helpful in the past so I would like to ask another question about Quickbooks. I am confused about how expenses are categorized in the following scenario. I have an AMEX business… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Need someone familiar with quickbooks. I am using the online
Need someone familiar with quickbooks. I am using the online version at the moment. As an example, if I electronically transfer $700 from my personal checking to my business operating account in order… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
My boss's adult (19) son lives at home and pays a small amount
My boss's adult (19) son lives at home and pays a small amount of rent. To what account should I charge that deposit? (I'm a newbie and use the register rather than double-entry...)… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Hi, I need an accounting expert who is also a Quickbooks expert
Hi, I need an accounting expert who is also a Quickbooks expert who can answer questions related to that program. I have several questions. One is regarding the closing entries done in accounting. For… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
I just bought quickbooks and put in all of our accounting data
I just bought quickbooks and put in all of our accounting data for 2013 and 2014 and when I run Statement of Financial Position for 2013 it says liabilities of bills I have paid but when I run a state… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
Quickbooks Premier Accountant Edition 2010. I need to create
Quickbooks Premier Accountant Edition 2010. I need to create a Profit and Loss report, showing my distributions (money I transferred into my personal account categorized as Equity in QB). The current … read more
QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR
Master\u0027s Degree
82 satisfied customers
We purchased a company and I am making semi-annual payments
We purchased a company and I am making semi-annual payments to previous owner, What is the category that I use for Quickbooks?… read more
QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR
Master\u0027s Degree
82 satisfied customers
Question on QuickBooks. I am real estate broker. The average
Question on QuickBooks. I am real estate broker. The average split of my agents is 90% to their favor. When I get the commission checks I categorized them as Commission Income in the income category. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am trying to set up my QuickBooks accounts for my consulting
I am trying to set up my QuickBooks accounts for my consulting business. I do all of my business transactions (purchases) on one AMEX credit card and use online banking to pay three checks per month. … read more
Richard
Richard
IT Manager
IT Manager, Consultant
3,463 satisfied customers
I just bought quickbook premier 2013.a question;1.
I just bought quickbook premier 2013. a question; 1. how to enter the beginning of the bank balance amount from Jan. 1, 2013 ? ( for instance, the balance of last statement was $ 5678.00 on Dec. 31, 2… read more
Robert M.
Robert M.
Consultant
Bachelor's Degree
3,166 satisfied customers
Hi, I need some assistance in categorizing expenses in accounting
Hi, I need some assistance in categorizing expenses in accounting such as if my business purchases equipment such as electrical cabling that are to be used for existing machinery in the business. In a… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
80 satisfied customers
I purchased a machine on eBay for my business and when my quickbook
I purchased a machine on eBay for my business and when my quickbook importer imported the transaction in, it classified State Sales Tax under Items. This is a machinery I'm using for at my warehouse s… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
What categories and/or classes do you use in QuickBooks for
What categories and/or classes do you use in QuickBooks for a small business for various items such as payments to your online merchant account or to your webhosting company? What are the standard cat… read more
Leanne Stewart
Leanne Stewart
Quickbooks Pro Certified
153 satisfied customers
having problems trying to uninstall quick books 2007 to reinstall
having problems trying to uninstall quick books 2007 to reinstall after to fix missing agents… read more
Expert
Expert
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x