by Kyle
(St Catharines, ON)
How to Record Vehicle Expenses
Let's say I calculated the 30% depreciation on my vehicle (3rd year), which equals $5,000.
My business portion of the vehicle is 80%.
Do I enter the full $5,000 in the books (Depreciation Expense + Accumulated Depreciation) or $4,000 (80% x $5000).
I know on the tax form, only $4,000 will be allowed, but I forget which way to do it on the company books.
Thanks, Laura!
Comments for Vehicle Depreciation Entry
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