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How to Track Vehicle Mileage in QuickBooks

    Track Vehicle Mileage in QuickBooks 2020

    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

    Once you add the element to the vehicle list, you have to record each trip associated with it through the window named Enter Vehicle Mileage. Here are the steps:

    πŸ’  Select Company option
    πŸ’  Fill Vehicle Mileage
    πŸ’  Locate the drop-down menu named Vehicle in the Vehicle Mileage window
    πŸ’  Select the required Vehicle in which you took the trip
    πŸ’  Give the beginning and ending dates of the trip.
    πŸ’  Select the date though clicking on the calendar button appearing at the right ends of the text boxes for a pop-up calendar
    πŸ’  Write the starting mileage of the odometer displaying in the start field and ending mileage as well.
    πŸ’  Once entered the readings of two mileages, the QuickBooks start calculating the sum of trip miles.
    πŸ’  Perform the identification of job and customer if needed. To do this, select the customer or job listed in the drop-down menu named customer & job.

    Total Time: 35 minutes

    Start Associating the Trip Miles with a Specific Invoice Item

    πŸ’  Select the invoice item from the item drop-down menu if you bill the trip miles on an item
    πŸ’  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.
    πŸ’  Save the entered trip information with a save and click option.

    Also Read Β : How to Set up Automatic Invoices in QuickBooks

    Start Using Vehicle Reports

    πŸ’  Locate the Reports section appearing at the bottom of the window named Vehicle List
    πŸ’  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.
    πŸ’  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.
    πŸ’  Select one of the reports from the menus to create a specific vehicle mileage report

    Steps to Update Vehicle Mileage Rates in QuickBooks

    πŸ’  Open the Enter Vehicle Mileage Window
    πŸ’  Hit on the Mileage Rates Button appearing at the top of the window
    πŸ’  Now the dialog box will appear on the screen with the Mileage Rates.
    πŸ’  The Mileage Rate Dialog box contains the IRS (Internal Revenue Service) Mileage rates with their effective rates.
    πŸ’  If you want to write a new mileage rate, then click on the next open row of the Mileage rate schedule.
    πŸ’  Enter the effective date in the column which says date and rate in the column named rate column, respectively
    πŸ’  You can refer to the IRS website to collect the business mileage rate of the current year.

    Give a call if you still confused:

    Hopefully, the article about How to track vehicle Mileage in QuickBooks becomes a helping hand for you! If you need to explore additional information on the same or any other topics, please contact the team. There is toll-free QuickBooks support phone number is available; call anytime on it and take the expert team’s assistance. You can do a live chat to clear doubt immediately or drop an email to the team to get answers through the mail. Service from the excellence team will help you save time and get productive outcomes!

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