A company purchased a fixed asset before it set up its accounting with Quickbooks, So for example, the fixed asset was bought in 1/1/2015 and in 2019 the company started using Quickbooks. Say this asset is depreciated using straight line method. Asset's cost was $10,000 with no salvage value and 10 yrs life. In 2019, how do this company record the fixed asset into the QB?
The QB used is QB Premier - Nonprofit
When you start to use QB for an existing organization, usually you do NOT try to recreate the entire history of all entries - instead you 'transfer' the current balances from the old accounting system into QB as of a specified cut-off date. Its critical to make a clean cut&switch between system so nothing is either missed or duplicated.
So whatever happened in the deep past isnt relevant to setting up a new QB - just what the asset book value is right now.
I see. How do I record the asset book value into QB?
and when I create the accumulated depreciation, do I record the balance to date (record the opening balance?) in QB?