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Irfan
January 9, 2019

How do i enter fixed assets manually in new company file?

  • January 9, 2019
  • 1 reply
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I have QB Enterprise 17.0, due to mess in my previous accounts i have created new company file and want to enter fixed assets ( I am not using FAM feature ). I have entered account receivables and payables but have problem in fixed assets, financed vehicles and long term loans.

 

    1 reply

    Rustler
    Rustler
    January 9, 2019

    create the fixed asset structure in the chart of account you want  to use, then create the associated liability accounts, all with zero starting balance

    get the current loan balance, journal entry, debit fixed asset and credit the loan liability

    the difference between the book vale per fixed asset in the old file, and the new balance you just created now can be entered, another journal entry, debit fixed asset, credit owner equity for that difference

    qbteachmt
    qbteachmt
    January 9, 2019

    Don't overlook Depreciation.

     

    Fixed Asset Vehicles

    Subaccount Cost Basis

    Subaccount Deprec

     

    Debit Cost Basis for basis

    Credit Deprec for prior Deprec

    Credit Loan balance as of this same transition date

    The difference is Credit/Debit to Retained Earnings (prior year equity)

      Rustler
      Rustler
      January 10, 2019

      teach - I didn't overlook depreciation, I said to use prior book value, which is cost less accumulated deprecation

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