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The running costs of a company vehicle.

  • Associate
  • Practice Licence
  • 10 posts
  • # 115468

Hi.

Having aquired a company vehicle, could I please seek advice on how it is best to breakdown it's running costs throughout the accounts?

I have opened up an Asset Account for the purchase of the vehicle itself, but what about it's maintainance costs?

Do I put all its insurances in one Account ie Vehicle Ins, Goods in Transit Ins & Public Liability Ins or are they best seperated? The same applies to it's MOT and Road fund duty. Can I put those in one account or is it best to seperate these too?

And finally, it's repairs and parts costs. Again, is it best to seperate these two, or can I put them under one account ie Parts & Repairs Account?

I have:- Breakdown & Recovery fees (RAC)

            M.O.T. fees

            Road fund duty fees

            Parts costs

            Repair costs

            Vehicle Insurance fees

            Goods in Transit Insurance fees

            Public Liability fees

Thanks guys for any help and advice given.

Ken Wiles

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