QuickBooks provides a Vehicle Mileage to track the business mileage like the tax-deductible mileage and deductions calculations. It is a necessary task to keep recording the tax and financial information to maintain finance. In this article, we will learn the steps of how to track vehicle Mileage in QuickBooks.
Steps to Add Items to the Vehicle in QuickBooks
According to law, you are needed to track the mileage by Vehicle. In QuickBooks, there is a vehicle list. Here are the steps to add items to the Vehicle list:
- Locate List option
- Hit on Customer & Vector Profile Lists
- Choose Vehicle List
- It will display the list of Vehicles in a window.
- When you haven’t added any vehicles, then the list displays no assets.
- Hit on the Vehicle option located in the bottom left corner of the screen
- Select New option appearing in the drop-down option that QuickBooks displays
- In this, there appears a new vehicle window.
- Fill a name regarding Vehicle displaying in the text box named Vehicle and write a description in the textbox.
- Identify the Vehicle according to the year of manufacture.
- Save the written description of the Vehicle by hitting the OK button.
Also Read : Methods to Enter Business Expenses in QuickBooks
Steps to Track Vehicle Mileage in QuickBooks
Start Associating the Trip Miles with a Specific Invoice Item
💠 If you need to provide the additional required information, use the text box notes to gather and store the other required information regarding vehicle mileage.
💠 Save the entered trip information with a save and click option.
Also Read : How to Set up Automatic Invoices in QuickBooks
Start Using Vehicle Reports
💠 Click on it, and then QuickBooks will display a drop-down menu listing the reports of vehicle mileage. They are Mileage by Vehicle Detail, Mileage by job Detail, Mileage by Vehicle Summary, and Mileage by Job summary.
💠 If you need to access another menu of commands that produce the same reports, you have to hit on the Mileage Reports button displayed at the top of the window named Enter Vehicle Mileage window.
💠 Select one of the reports from the menus to create a specific vehicle mileage report
Steps to Update Vehicle Mileage Rates in QuickBooks
💠 Hit on the Mileage Rates Button appearing at the top of the window
💠 Now the dialog box will appear on the screen with the Mileage Rates.
💠 The Mileage Rate Dialog box contains the IRS (Internal Revenue Service) Mileage rates with their effective rates.
💠 If you want to write a new mileage rate, then click on the next open row of the Mileage rate schedule.
💠 Enter the effective date in the column which says date and rate in the column named rate column, respectively
💠 You can refer to the IRS website to collect the business mileage rate of the current year.
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