QB Issue Resolution:
Yes it is a fixed asset, and the payment you made should post to that same account
yes you calculate and post annual depreciation to a fixed asset sub account for the car called accumulated depreciation-car
download IRS pub 946, depreciation it has the tables and % per year for depreciation.
journal entry to make the posting
debit depreciation expense
credit accumulated depreciation-car
I prefer to set up the FA account sturcture this way (all accounts are FA accounts
Car (do not post to this account, it is a summing account)
>> cost
>> accumulated depreciation
Resolution for Issue 'How do I record a vehicle that was purchased for the company but paid in full? Currently, I have it recorded on the balance sheet as a fixed asset? Is this correct? Since the vehicle is already on the balance sheet as a fixed asset, should i depreciate its value? If so, according to what timeline? 60 months?' available: Yes (Solved).
Source: Intuit Community forum.
How do I record a vehicle that was purchased for the company but paid in full? Currently, I have it recorded on the balance sheet as a fixed asset? Is this correct? Since the vehicle is already on the balance sheet as a fixed asset, should i depreciate its value? If so, according to what timeline? 60 months?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.
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