Other Accounts

QuickBooks Equity Accounts – Understanding Them

What is Equity anyways? For you that may not understand it completely, equity is the difference between your assets and liabilities (A-L =E). Say you sold off all your assets and paid off all your liabilities, using the funds you received from the sale of your assets, equity would be the money you have left. This would also mean that your total assets equal the sum of liabilities and equity (A=...

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How to Record a Loan Payment in QuickBooks

  Previously I set up a liability account for a Trailer Loan in which the total cost was entered. I have set the payment up as a pre-authorized type, and since the bank charges both principal and interest on this loan, I am going to show you how to record a payment to recognize both components. This is done using the Write Cheques feature. Making sure I am on the Home page, I will...

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Tracking Fixed Assests in QuickBooks made Easier

I recall working for a company that had eight computers, a number of printers and a server. Besides that, they also had various software, office furniture and equipment, machinery and equipment related to their type of industry, and a small fleet of trucks. As you can image, there was a lot to keep track of. Now one way of tracking all this would have been through an Excel spreadsheet, but the...

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QuickBooks Liability Accounts and Working with Them

If you have viewed your QuickBooks Chart of Account Liability Types, you will notice that there are two. One is the Other Current Liability, which is used to track liabilities that a company expects to pay within a year. Some examples might be Accounts Payable, Credit Card Accounts, Accrued Vacation Pay, Payroll Liabilities or the HST Payable. The other liability type is Long Term, which is...

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How to Track Depreciation with QuickBooks Asset Accounts

I am not going to delve into the accounting side of depreciation, but I will show you how to track it. The depreciation that I am speaking of has to do with Fixed Assets. The rule of thumb that I use to capitalize fixed assets, are those priced above $500 and the type of asset it is – otherwise I would expense it. These days assets such as computers are depreciated 45% in the first year,...

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QuickBooks Other Accounts and How to Work with Them

This article starts a series with other accounts and how to use them in QuickBooks. Since I have already covered Inventory and Banking (cash) in a previous series (see Categories) , let’s turn our attention to some of the Other Current Assets. These might include, but not limited to, term deposits, GIC’s, Money Market Paper, T-Bills, Advances and Prepaid Deposits or Expenses. As...

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