Mileage records in bookkeeping refers to the systematic documentation of the miles driven for business purposes. This information is important for tax purposes, since the Internal Revenue Service (IRS) allows individuals to claim a tax deduction for business-related travel expenses, including the cost of operating a vehicle.
To claim this deduction, it is important to keep accurate records of the miles driven for business purposes, including the trip's date, destination, and purpose.
To simplify the process and provide more accurate and detailed information, Oode makes it possible to manage your mileage records inside the platform through our built-in bookkeeping tools.
To start managing your mileage records, go to the Mileage Records tab under Finances on the left panel.
Add mileage record
To add a new mileage record, select the + New button at the top-right corner of your screen.
You will be directed to a new page where you can enter your mileage information, including:
- Vehicle used (Make sure the vehicle is already added to the system through the Vehicles page.)
- Business purpose
- Start time
- End time
- Start location
- End location
- Mileage Claim
- Note or any additional information
Click Save & add another to enter another mileage record, or click Save if you are done.