Vehicle Lease/Hire

Someone left an anonymous request on my "Ask the Expert" page:


I do not know how to handle books for my Vehicle lease business.


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My answer would be this:

I'm going to suggest you start keeping books by using a Cash Receipts Journal to record all incoming cash - as in lease payments made to you - and use a Cash Disbursements Journal to record all outgoing Cash - as in building rent, utilities, supplies, etc.

This is a good manual accounting system for many small business owners who don't have a real need for a computerized accounting system. If you grow and have more transactions, then you can upgrade to something like QuickBooks.

For now, I'd suggest starting out using a simple, manual system.

Check out these pages on my site:

https://www.small-business-accounting-info.com/cash-receipts-journal.html

https://www.small-business-accounting-info.com/cash-disbursements-journal.html


I also have an ebook available to help you thru the process of setting these journals up, using them, and preparing a Profit & Loss Statement from them. You can access that information here:

https://www.small-business-accounting-info.com/manual-accounting-system.html

Hope that helps!

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