eAuto Fleet is passenger transport ERP software with vehicle finance and fixed asset management. Know not only where a vehicle is working, but how it is funded, what is still owed and what it is worth on the books.
A finance agreement records the lender, the vehicle, the term and the instalment schedule. Each instalment is split into principal, which reduces the amount owed, and finance charge, which is an expense. The vehicle is registered as a fixed asset with its cost and useful life, and depreciation is previewed and posted by the finance team. Running costs such as fuel and maintenance stay separate.
Record the lender, vehicle, term and instalment schedule.
Separate principal amounts and finance charges for each instalment.
Record asset cost, purchase date and useful life in the fixed asset register.
Preview depreciation per asset, then post it for the period.
View net book value and remaining outstanding finance per vehicle.
Coaches are the largest assets on a transport balance sheet, yet their loans, instalments and depreciation are often tracked in a bank letter and an accountant’s spreadsheet. Principal and interest are mixed, depreciation is posted once a year, and nobody can say what a vehicle is really worth or still owes.
Post finance charges and depreciation correctly and on time.
Know what each coach costs to own and what is still owed.
Keep the fixed asset register and net book values up to date.
Follow interest splits and depreciation back to the agreement and the asset.
Each finance agreement is tied to the vehicle it funds, with the lender, term, instalment schedule and outstanding balance.
Each instalment is split into principal, which reduces the liability on the balance sheet, and finance charge, which is recorded as an expense. Loan principal is a cash movement, not a running cost of the vehicle.
Record owned and financed vehicles as fixed assets, from purchase cost to periodic depreciation. Net book value, useful life and remaining balance are shown per vehicle.
Answers about vehicle finance agreements, depreciation and fixed assets in eAuto Fleet.
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