lashly boby said:

Sure! To properly account for your company car, categorize it as a fixed asset in your system. For payments, set up a schedule breaking down principal and interest. For accelerated depreciation, determine the method and rate based on your truck's class. It's key to accurately track these in your accounting system for tax benefits. happy to help further. my homepage : pentagon detailing

Categorizing your company car as a fixed asset is the way to go in your accounting system. To manage payments effectively, setting up a schedule that outlines principal and interest payments is crucial. Also, for accelerated depreciation, it's essential to determine the method and rate, particularly considering your truck's class.

Accurate tracking of these details in your accounting system is paramount, not just for compliance but also for maximizing tax benefits. If you need any more assistance navigating through this process, feel free to ask.

1) Make a journal Entry and select the Vehicles Fixed Asset Account - create a new account if you don't have one already, the fixed assets should be around 1500 number, enter the amount in the Debit cell.  Go to the second line, create a new Long Term Liability account somewhere around 2500 call note payable whatever bank it is, enter the amount in the Credit cell.  you can then recurr out a journal entry, credit the checking account for the total payment, debit the Long Term Liability for the principal and debit the interest expense for the interest.  

2) You would have to book a journal entry for the depreciation.  Credit accumulated depreciation and debit Depreciation Expense.