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)
Road fund duty fees
Vehicle Insurance fees
Goods in Transit Insurance fees
Public Liability fees
Thanks guys for any help and advice given.