getting started/ recording information
Im starting a trucking company and need help, I just downloaded easy books on my iPad and am trying to get my account set up correctly. First, I own a trailer that I am leasing out. I bought the trailer for $34,000 and am getting $1400 every 14 days for leasing it out. How do I record this information correctly?
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Support Staff 1 Posted by Admin on 07 Mar, 2012 10:23 AM
This sounds like an excellent question for your accountant!
You'll have the trailer as an asset, then it seems like you're going to be recording income. Every year you may also apply depreciation to the asset, but check with your accountant won't you.
Mathew
Admin closed this discussion on 07 Mar, 2012 10:23 AM.