The standard mileage rates for cars, vans, pickups, or panel trucks will change on January 1, 2018, according to an IRS release. The rate will be $0.545 for every mile of business travel. This means you need to update your unit of measure in BigTime.
Follow the steps below to make this change.
Select My Company…Field Values from the navigation bar.
This will direct you to your Basic Categories window. Once here, you’ll select the sub-category Expense Codes.
Scroll down on the left-side of your window and select Travel: Mileage (or a similarly titled travel expense value).
Then, scroll down on the right-side of your window, so you can update your cost and sale rates. Remember to click “Save” to save your work!
To learn more about expense codes and units of measure, check out our Knowledge Base article on the topic.