Fixed Assets, Loans and New Books

PAC96OR · ‎August 23, 2022

The QBs I took over at my new job had over 10yrs worth of entries in QB 2017 Pro....the file was huge. We have updated to Mac 2022 Desktop.

And due to the size, age and such....way too many errors to convert. Intuit had my file for over 2 wks and the gentlemen states that it was the first time he was never able to convert the file. He was very helpful and felt bad.

So I started the QB Mac fresh 7/1 for the new quarter instead of waiting for Jan 1st like I was planning. It was strongly suggested that I don't wait.

The previous bookkeepers did not record asset purchases into QB that have taken place since 2019 and I would like to do that.

These assets utilize loans, so the current liability accounts have been set up for them in both the old 2017 QB and the new Mac QB.

The question I have, I was going to get the assets entered into the old 2017 QB Pro, since we need it for tax purposes regardless...but what do I do for the new set of books that I set up 7/1/22? Do I reenter them?

How do I enter the values since they were entered in the old QBs?

Rainflurry · ‎August 25, 2022

@PAC96OR

Yes, they should to be entered in your new QB company file. If the loans were set up with journal entries (J/E), then presumably you offset the credit to loan payable with a debit to the fixed asset, yes? To get the original cost correct, you will also need to enter the down payment of the fixed assets as a debit to the fixed asset and a credit to opening balance equity. To book the accumulated depreciation, you will need to contact the CPA/tax accountant that does the company tax returns for guidance.

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Fiat Lux - ASIA · ‎August 23, 2022

@PAC96OR wrote:
And due to the size, age and such....way too many errors to convert. Intuit had my file for over 2 wks and the gentlemen states that it was the first time he was never able to convert the file.

Consider to get the second opinion from a 3rd party service provider.

PAC96OR · ‎August 24, 2022

My question is about the whether or not I enter the assets to the new QB and if so, what value do I use?

Rainflurry · ‎August 25, 2022

@PAC96OR

Yes, they should to be entered in your new QB company file. If the loans were set up with journal entries (J/E), then presumably you offset the credit to loan payable with a debit to the fixed asset, yes? To get the original cost correct, you will also need to enter the down payment of the fixed assets as a debit to the fixed asset and a credit to opening balance equity. To book the accumulated depreciation, you will need to contact the CPA/tax accountant that does the company tax returns for guidance.

PAC96OR · ‎August 25, 2022

Thank you!

FritzF · ‎September 06, 2022

Hi, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Keep safe and have a great rest of the day.

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Fixed Assets, Loans and New Books