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  #1  
Old 07-29-2006, 06:15 PM
martylandman martylandman is offline
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how to record mileage expenses

Hi, we're using Quickbooks 5.0 for our business and would like to know how to record mileage? Is there a common or recommended way to do this in quickbooks?
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  #2  
Old 07-30-2006, 11:01 PM
brecor brecor is offline
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It all depends on the end result you are trying to accomplish. Are you paying someone mileage reimbursement? Or just recording mileage expense for say a sole proprietor or s-corp shareholder without actually giving them a reimbursement check?
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  #3  
Old 07-31-2006, 01:18 AM
Joe Williams Joe Williams is offline
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You can track milage by vehical but you need to assign an item and customer to it. To see the options click Help on menu bar then QuickBooks Help and in ASK window enter Mileage.
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  #4  
Old 07-31-2006, 08:54 AM
martylandman martylandman is offline
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Brecor that is a good point. My wife and I are the sole owners of an S Corp and we want a simple way to track miles driven for business purposes.

There is not alot of miles but it is steady. Right now we are doing it wrong, making general journal entries and recording the miles each week by :

- recording a debit as 'automobile expense' under expenses
- recording a credit under 'miscellaneous expense recovery' under other expenses

I suppose we could record the number of miles times the IRS mileage rate this way and then it might make sense, currently we just record the number of miles and of course quickbooks takes that as "4 dollars" rather than "4 miles".

So how do we fix this mess and do things right?

Marty
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  #5  
Old 07-31-2006, 10:43 AM
Joey Joey is offline
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First, delete all those entries that you made for mileage that are distorting the books. The newer version of QuickBooks actually has a mileage tracker built in to record the business miles but on Version 5.0, there were very few options available. I think you've probably gotten your money's worth out of that one by now.
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  #6  
Old 07-31-2006, 06:59 PM
brecor brecor is offline
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Yes by all means delete those past entries. If you are going to stick with your version, then just record an adjusting entry debiting either auto expense or Travel by figuring the miles times the current IRS rate to come up with a tax deduction dollar amount. Then you really need to figure out which way to credit, whether it be Shareholders Distributions, Loans from Shareholder (Liab), or Loans to Shareholder(asset). It really all depends what is best on what you already got going on in the business as to what would make the most sense or apply to the situation. Thats if you don't want to cut a check to yourself for the actual amount.
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  #7  
Old 08-01-2006, 04:02 PM
martylandman martylandman is offline
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The miles expenses are very minor, but we still want to keep track of them. So there are no checks being cut and I think it might be easiest to simply go against our cash account to reconcile.

However the advantage of using QB for this imo is that we will have a log of miles driven for the business as required by IRS combined with an automatic totalling when doing our 1120S (s-corp income tax return).

Brecor, how do we record the adjusting entry as you suggest? And won't resulting reports show only the $amount rather than the miles, which is what we need for our tax returns? AFAIK we can only keep track of mileage in version 5 using memos so that reports won't total that stuff out.

Marty
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  #8  
Old 08-02-2006, 10:03 AM
Joey Joey is offline
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You need to multiply the business miles X 44.5 cents per mile and then make a Journal Entry to Debit Auto Use Remibursements Expense and Credit a Loan From Shareholder (current liability) or your Dividend Draws equity account, depending on which one you use, for the total amount.
If you have decided to keep using that old version, you won't be able to have any running total of the miles or any reports that will track or give you the totals for the actual miles. Sorry.
You do not go against any Cash account unless you actually pay the cash such as a reimbursement check from the company.
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  #9  
Old 08-02-2006, 02:13 PM
Joe Williams Joe Williams is offline
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If you click Company on the menu bar and there is an option for "Enter Vehicle Mileage ( I know it is in Premire but not sure what version you have) you can enter the vehicile then the odometer reading for start and stop and you do not need to enter customer or item. You can then get mileage report to see the miles driven bu vehicle. This WILL NOT POST to any account.
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