 Quickbooks (by Steve Webster [AR]) Feb 8, 2019 11:39 AM
 Quickbooks (by razorback_tim [AR]) Feb 8, 2019 11:59 AM
Quickbooks (by plenty [MO]) Feb 8, 2019 12:30 PM
Quickbooks (by Steve Webster [AR]) Feb 8, 2019 1:20 PM
Quickbooks (by Sisco [MO]) Feb 8, 2019 2:38 PM
Quickbooks (by Dan [NY]) Feb 8, 2019 5:56 PM
Quickbooks (by David [NC]) Feb 8, 2019 6:02 PM
Quickbooks (by Steve [AR]) Feb 8, 2019 6:30 PM
Quickbooks (by myob [GA]) Feb 9, 2019 5:03 AM
Quickbooks (by razorback_tim [AR]) Feb 9, 2019 9:58 AM
Quickbooks (by Steve Webster [AR]) Posted on: Feb 8, 2019 11:39 AM
Message:
what is the best way to record improvement expense for the property that need to be deprecated
--65.216.xxx.xxx |
Quickbooks (by razorback_tim [AR]) Posted on: Feb 8, 2019 11:59 AM
Message:
I have an account called “Equipment Placed Into Service.” My accountant knows to look at each item in this account and determine whether we need to depreciate it over time or whether we can expense it. --166.137.xxx.xx |
Quickbooks (by plenty [MO]) Posted on: Feb 8, 2019 12:30 PM
Message:
Mine are called
New Roof, New furance... new is the first word. --99.203.xx.x |
Quickbooks (by Steve Webster [AR]) Posted on: Feb 8, 2019 1:20 PM
Message:
So I need to track it with an Account in chart of accounts or can I use the classes to track it. I am new to QB I have used QB for a few years to make invoice for my mini storage units but that's about it. I am setting up a new company file to track everything. the biggest thin i am having trouble with is setting up the chart of accounts. any advise would be helpful --65.216.xxx.xxx |
Quickbooks (by Sisco [MO]) Posted on: Feb 8, 2019 2:38 PM
Message:
Steve Webster, What you are asking is about your chart of accounts.
In my chart of accounts - improvements is the word I use to label this type of transaction.
I also use the word expense to label those types of transactions.
This information is entered whenever I write a check and is then captured for the accountant.....it can be recategorized if tax code changes.
Getting your chart of account right is half the battle of good book keeping; diligence is the other half. --72.172.xxx.xx |
Quickbooks (by Dan [NY]) Posted on: Feb 8, 2019 5:56 PM
Message:
Each property is listed as a fixed asset. If you make improvements over the years additional lines and accumulated depreciation can be added. --68.192.xxx.xxx |
Quickbooks (by David [NC]) Posted on: Feb 8, 2019 6:02 PM
Message:
Why don't you call it Capital Expense (or whatever) so you can see it as an expense on your cash flow (because it is and it is money gone) and then your accountant can depreciate it for taxes. I believe this is what most of the others are saying above but it is late and I am sleepy. --65.188.xxx.xx |
Quickbooks (by Steve [AR]) Posted on: Feb 8, 2019 6:30 PM
Message:
Thank for the info I think I have a good idea how to track it --166.137.xxx.xx |
Quickbooks (by myob [GA]) Posted on: Feb 9, 2019 5:03 AM
Message:
I don't expense and haven't in 20 years.
I know what your thinking but -- I have a mini warehouse. I buy 3 stoves, 3 dishwashers, 1 furnace, 2 outside AC units (compressors. I never know which property will need an item so I take it the year of purchase.
Maybe this year or next I'ill use 2 dishwashers but where? --99.103.xxx.xxx |
Quickbooks (by razorback_tim [AR]) Posted on: Feb 9, 2019 9:58 AM
Message:
Ask whoever does your taxes what they want your chart of accounts to look like. --166.137.xxx.xx |
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