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Old 03-09-2002, 10:13 AM
Premo Services Premo Services is offline
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Location: St. Louis,Missouri
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Quickbooks Question

I am starting to use quickbooks pro. Wow what a difference.
I have a question.
I purchase all gas for equiptment, and vehicle on a credit card.
How would you enter it into quickbooks. The problem I have is, you pay the credit card bill, that amount is added to expenses. For taxes you have to have gas for vehicle and equiptment seperated.
How do you enter the gas you bought seperate and not have it become another expense.
I know that you can do a split transaction, but for that you don`t get a report for totals of each transaction.
I have been keeping two accounts, one with the bills I pay put, ie credit cards, and another account with the gas tickets listed seperately, but this is a lot of work. How do you do it.
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Old 03-09-2002, 11:56 AM
PAPS PAPS is offline
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When you click on credit card... at the top it has "purchased from"... imput the account you want to pay in there "Mobil" then imput the amount and away you go.... OR
You could input in credit card "purchased from" mak that say "VISA" then at the bottom... under "Expenses" tab... start pluggin in all the items that show up on your statement that month.... put in a price for ea. and make sure that price matches the total at the top.

Hope that helps
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Old 03-10-2002, 12:40 PM
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fshrdan fshrdan is offline
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Premo, the way I understand the IRS pub, you don't have to keep the equipment gas and truck gas seperated. You simply have to have a record of the date, place of purchase, and # of gallons purchased for equipment. Your credit card receipts take care of that.

When I put gas in equipment, I'll write the # of gallons on the actual credit card receipt. When I input that into QB, I write those equipment gallons in the memo line. Not the memo line between 'Amount' and 'Customer:Job', but in the general memo line in the middle of the screen.

By doing this, at the end of the quarter or year, I can pull up a report filtering out everything except gasoline purchases, get my total gallons on equipment, and supply this figure to my accountant. As long as you hang onto those receipts, which you do anyway, that's all the record you need for equipment gas. I'm sure there are alot of ways to do the same thing, but this is my way. Hope it helps.
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Old 03-10-2002, 01:35 PM
bruces bruces is offline
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Depending on how you are accounting for truck expenses, you probably need to set up a separate account for equipment fuel and one for vehicle fuel.

If you don't, and you want to use mileage instead of actual expenses for vehicle expenses, how will you know how much is for the truck and how much was for equipemnt?

Your accountant needs to know the dollars, not the gallons, unless he is also filing for the off road gas tax credits for you.

Trust me, the less information you can give your accountant that will let him do your financial or tax return correctly, the better they will like it and the cheaper it will be for you.
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Old 03-10-2002, 03:43 PM
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fshrdan fshrdan is offline
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bruces, why do you need to set up seperate accounts? Are these expenses supposed to be treated differently? My post was advice on the off road tax credit alone.

My account is set up as "Fuel" a sub-category of "Operating Expenses". Is there a better way of doing this? I don't have to keep track of milage since it's a work truck. Why do many people do this? I think it'd be interesting to share our chart of accounts with each other. I'm kindof wondering how mine compares with other landscapers. Anyone interested?
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Old 03-11-2002, 10:11 AM
bruces bruces is offline
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Quote:
Originally posted by fshrdan
bruces, why do you need to set up seperate accounts? Are these expenses supposed to be treated differently? My post was advice on the off road tax credit alone.

My account is set up as "Fuel" a sub-category of "Operating Expenses". Is there a better way of doing this? I don't have to keep track of milage since it's a work truck. Why do many people do this? I think it'd be interesting to share our chart of accounts with each other. I'm kindof wondering how mine compares with other landscapers. Anyone interested?
If you are not incorporated (operating as a single person LLC or sole proprietorship / schedule c) one option for vehicle expenses is to use the standard IRS mileage rate in lieu of actual expenses.

This allows you to just keep track of business mileage and you don't really have to keep track of gas, oil, maintenance, insurance, etc. on the vehicle.

If you use this method then all of the actual expenses are not deductible. You just use the mileage amount. For 2001, the rate was 34 1/2 cents per mile. You can figure it both ways and use the higher method, subject to certain limitations.

If you are using actual expenses, your method of tracking fuel is fine. If you want to use the optional mileage rate for your vehicle expenses, you would have to keep track of vehicle expenses (such as fuel, repairs, etc.) separately from expense for your mowers, trimmers, etc.

Also, I personally prefer to see the fuel expenses separately for equipment vs. my truck. That gives me a little better handle on my expense breakdown.

I'm not saying your method is wrong, just not what I would recommend or prefer. If it works for what you need, great, everyone's business is different.
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Old 03-11-2002, 01:00 PM
Premo Services Premo Services is offline
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Thanks for the info!!!!!
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