Skip to main content
C
christophertplat
September 11, 2024
Question

I do not seem to be able to post beginning asset value ?

  • September 11, 2024
  • 1 reply
  • 0 views
I need to be able to add asset value of my Land

1 reply

JenoP
JenoP
September 11, 2024

Land assets are treated differently from depreciated fixed assets when it comes to valuing and changes to their worth over time, christophertplat.

 

This is why, when selecting Land as the Detail type, there is no beginning balance field, unlike other types of assets.

 

When setting up land assets in QuickBooks Online, you should enter the original purchase price of the land in the Original cost field. This represents the starting balance for the land value.

 

 

Allow me to share these articles for additional guidance when managing assets in QBO:

 

 

If you have any other questions about setting up or managing accounts in your Chart of Accounts, don't hesitate to let me know. I'm always happy to help guide you through the process.

Rainflurry
Rainflurry
September 11, 2024

@JenoP 

 

"For instance, if you obtain an appraisal that increases the land's value, you will make a journal entry crediting the land asset account to reflect the higher amount."

 

Wow.  Does anyone at Intuit screen these responses?  Why do you give accounting advice that is both incorrect and, if followed, could put your customer in legal trouble?  And, could also potentially flag audit.  Land stays on the balance sheet at original cost.  No adjustment is ever made to land because of an appraisal and crediting the land asset account decreases its value, it doesn't increase it.  Sheesh.     

    FishingForAnswers
    FishingForAnswers
    September 11, 2024

    @Rainflurry  "Does anyone at Intuit screen these responses?"

     

    Of course they do.

     

    ...Anywhere from 1 to 24 hours after the fact.

     

    ...In the form of an edit, not an admission of error.

      Terms & ConditionsAccessibility statement