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tonjunee
Level 3

Would you count business setup fees as an asset?

I already set up business setup fees such as registration as an asset.

They are listed under the account called "Incorporation Costs" to follow the guideline of the T2 balance sheet report.

 

Should I have put these fees into expenses or is this okay as is?

 

As you can see the T2 balance sheet template for CRA below is listed under assets

Solved
Best answer July 03, 2020

Best Answers
LauraAB
QuickBooks Team

Would you count business setup fees as an asset?

Hello tonjunee,

 

Welcome back. I hope you've had a great week so far. I know that getting things such as business setup fees accurately configured in your books is an important part of managing business finances. I want to make sure you get the answer you need for this and I'm happy to steer you in the right direction.

 

It's questions like this that make having an accountant on your side a great asset. While QuickBooks Online is here to help you with organizing data, knowing the ins and outs of bookkeeping can be tricky and it's something we leave to the pros. Our goal is for you to have accuracy in your books, and this is one of the ways we do that.

 

The My Accountant tab in QuickBooks Online can help you find an accountant if you don't have one. Simply visit that tab and click Find a pro to help. This will take you to our database of QuickBooks-certified accountants in your area. Use the filtering options to find someone to connect with.

 

If you're already working with an accountant, you can even add them to your books from that same tab. There's a field there to invite them by email, and once they've accepted, they'll have access to your books via an account access created just for accountants. It provides them with the accounting tools they need to optimized what they can do.

 

You may also get a reply from an accountant user right here in Community, so keep an eye out for someone like that as well.

 

I hope you enjoy the rest of your day and the weekend. See you next time! 

View solution in original post

1 Comment 1
LauraAB
QuickBooks Team

Would you count business setup fees as an asset?

Hello tonjunee,

 

Welcome back. I hope you've had a great week so far. I know that getting things such as business setup fees accurately configured in your books is an important part of managing business finances. I want to make sure you get the answer you need for this and I'm happy to steer you in the right direction.

 

It's questions like this that make having an accountant on your side a great asset. While QuickBooks Online is here to help you with organizing data, knowing the ins and outs of bookkeeping can be tricky and it's something we leave to the pros. Our goal is for you to have accuracy in your books, and this is one of the ways we do that.

 

The My Accountant tab in QuickBooks Online can help you find an accountant if you don't have one. Simply visit that tab and click Find a pro to help. This will take you to our database of QuickBooks-certified accountants in your area. Use the filtering options to find someone to connect with.

 

If you're already working with an accountant, you can even add them to your books from that same tab. There's a field there to invite them by email, and once they've accepted, they'll have access to your books via an account access created just for accountants. It provides them with the accounting tools they need to optimized what they can do.

 

You may also get a reply from an accountant user right here in Community, so keep an eye out for someone like that as well.

 

I hope you enjoy the rest of your day and the weekend. See you next time! 

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