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D
dquick
October 12, 2020
Question

how to change fixed asset value

  • October 12, 2020
  • 1 reply
  • 0 views

I am using QuickBooks pro desktop 2020. There is no asset manager.

 

How can I change the value of a fixed asset?

 

do I create a depreciation/appreciation "other expense" account? Then use that account to record the change in the value of the fixed asset?

 

 If I do that then the income statement  and balance sheet look quite different of course. I am not an accountant so maybe I just don't understand the terms but Net Income is not really what we made as income in the year. It look like "Net Ordinary Income" is the actual income.

 

Am I doing this the correct way?

1 reply

J
JamesM
October 12, 2020

Hi there,

 

Recording your transactions the right way is a good exercise for keeping your books clean. I'd be happy to steer you in the right direction so you can focus on doing the things you enjoy. 

 

To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the transactions. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here.

 

I'll also leave this question here so other accounting professional members can chime in. Let me know if you have other questions. I'm here to help.

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