How purchasing a car works in Accountable App?

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Whenever you purchase and acquire a new professional/utility vehicle, it is important to encode it into your accounting. This is a mandatory practice which does not only adds an asset to your accounting but also allows for timely amortization, to know the current real value of your asset which in this case is a car.

How to encode it in the Accountable app?

With the accountable app, you can do it smoothly with best experience. All you need to know are specific details of your vehicle. This includes:

• Name and model

• Price

• Professional Usage %

• Type of fuel, it requires

• CO2 emissions

• Date of Registration

• Date of Purchase

Please follow the similar process in your application to record a car purchase in your app:

For the starters, you can encode a car via creating an expense in the expense universe. In the above made GIF, the first step is to click on 'Manually input expense' which is performed, only if the invoice is missing but ideally, you need to scan your invoice of purchase which will automatically encode the price and the name of the car. Also, in the absence of the invoice, the app will unable to encode the information related to your vehicle properly in the application.

The GIF above covers two parts of the encoding process.

• To input the invoice details (as explained in the above paragraph)

• To add the car specific information present in the car manual (can be acquired from the supplier)

Important to note that, you are also required input the professional usage of the car, which will determine your tax deductibility related to your vehicle accurately.

Author - Valesca Wilms

As content marketing lead at Accountable Belgium, Valesca writes about freelancing, self-employment, and taxes based on her own experience as a freelancer.

Who is Valesca ?