Asset account

QuickBooks Period End Tasks: The Accounting Side – Chpt.1

I’m going to start a series to do with QuickBooks accounting side of the Fiscal Period End, and the tasks involved.  Now although these articles are aimed at the more senior accounting person, I do feel that the less experience person can pick up some useful information on what is expected from them. This will have to do with reviewing and reconciling the Balance Sheet. Unless you are...

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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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QuickBooks Inventory – Part Two – Entering Items

Carrying on from Inventory Part One, it is time to enter in some inventory items. From the Home page click on the Items & Service icon which opens up the Item List screen, then right click on your mouse and New. In the Type field click on the drop-down box and choose Inventory Part. In the Item Name/Number field type in Cab 2015 then click on the subitem of checkbox and choose...

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