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Where to record vehicle registration(Tag, Title, License) expenses?

ckrzenckrzen Member Posts: 7

OK ... okay ... o-k-a-y. I know that this may seem trivial, but -- should I create a new "Expense" category for "Vehicle Tag/Title/License" as opposed to just putting those items into the pre-populated category of: "Vehicle – Repairs & Maintenance"?

Any benefit to doing so?

Thanks in advance for your consideration.

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in Accounting Technical Support

Comments

  • Dante_BulluckDante_Bulluck Member Posts: 52 ✭✭

    That's really up to you, @ckrzen. If you want to keep track of those numbers separately, you can.

    The actual vehicle would be entered as an asset, but anything that's actually an expense, well, that's your call.

  • ckrzenckrzen Member Posts: 7

    Thanks @Dante_Bulluck !

    I should add: would your answer also equally apply to annual renewal of vehicle registration and tag stickers, etc.?

  • Dante_BulluckDante_Bulluck Member Posts: 52 ✭✭

    Yep, @ckrzen. If you're okay with those numbers being lumped together, then you can. If you need them separate (because you can only claim some of them for tax benefits or something), you're probably better off keeping them apart.

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