Are you given messy or incomplete mileage logs from your employees or contractors?
Are you afraid of missing out on deductions because you cannot find an accurate way to track mileage? The IRS requires awfully specific regulations for tracking mileage. Therefore, when the time comes to complete taxes, it can be difficult to find the needed information to properly record mileage. Keeping the needed records is a big hassle for the entire year, which is why QuickBooks Online created a new app to track mileage for you.
Tracking mileage within QuickBooks Online will be the most rewarding application you begin using. Trips can be entered manually or by using the auto-tracking feature. If you use this feature, you will not even have to remember to track your mileage. These microseconds you save by having auto-tracking will be hugely rewarding for your business. Saving time and money is any business owner’s wish. Not to mention you will not have to keep these records in a file somewhere in your office. Less clutter, less time, and less money; this sounds like a great deal to me!
Turning Mileage Tracker On
Now that you are on board, how do you set it up?
The setup is remarkably simple for this feature. To turn on mileage tracking, in the mobile app select “menu” and “mileage.” Then, select “auto-tracking” and turn it on. After auto-tracking is turned on, you can add your vehicles. There is no limit to how many vehicles you can add. You can also assign a primary vehicle. To track business miles, simply open the QuickBooks Online mobile app, and it will detect and track the miles. If you forget to open the app and need to add a trip manually, do not fret. You would go to the “mileage” menu in a QuickBooks Online web browser and select “add trip.” Add the trip date, starting and ending locations, the distance, and why you made the trip.
After you reach your destination, you can review your trip by selecting the “unreviewed” tab in the mileage section. From there, you will swipe left for a business trip and swipe right for a personal trip. For business trips, you will need to add a reason for the trip and which vehicle you used. If you need to edit a trip, you will go to the “reviewed” tab from the mileage section in the QuickBooks Online web browser and find the trip that needs to be edited. Then, you will select “more,” and edit the trip. Do not forget to save!
Do you need help including the mileage tracker with your QuickBooks subscription? Let us know, and we will gladly help you.
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Contributions to this article were made by Madelyn Schaedler and Louise Pooley