Cost

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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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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Entering Bills & Credit Memos in QuickBooks

In Entering Bills, as a measuring gauge, use the Expense tab when recording overhead expenses such as telephone expense, hydro expense, vehicle repairs, etc. and use the Items tab if you use job costing reports, if you make client-specific purchases, or if you track overhead items such as office supplies, small tools or shop supplies. Trainer’s Tip – If recording a purchase for...

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