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Larry 1
Level 1

How do I record a furniture and equipment asset that is being gifted to an employee?

How do I record a furniture and equipment asset that is being gifted to an employee in QB? Our business is permanently closing due the pandemic and we are going to gift some of the equipment to an employee who needs this equipment to prepare final paperwork for the accountant in addition to any other work they must do since he is not being paid.

Solved
Best answer December 18, 2020

Best Answers
Angelyn_T
QuickBooks Team

How do I record a furniture and equipment asset that is being gifted to an employee?

Hi there, @Larry 1.

 

Thank you for reaching out to us here on the Community forum. I can definitely help you with recording a gift to your employee.

 

To get started, you need to figure out the furniture and equipment's (asset) value. Then, create a bonus payroll item and add the value of the asset when recording a gift.

 

Here's how to set up a bonus payroll item:

 

  1. Open your QuickBooks Desktop, then select Payroll Item List from the Lists menu.
  2. At the lower left of the Payroll Item List, select the Payroll Item button, then tap on the New button.
  3. Select Custom Setup, and then select Next.
  4. Click Wage, and then Next.
  5. Choose Bonus, and then Next.
  6. Enter the name of this item (bonus/furniture and equipment gift), then select Next.
  7. Choose the expense account you want the item to track to, and select Finish.

Once done, you're now ready to create the bonus paycheck. For the detailed instructions, you can open this article: Pay Employees With A Gift Certificate Or Cash Bonus In QuickBooks Desktop Payroll.

 

I'm also adding this link for additional resources about year-end checklist when preparing tax forms in QuickBooks Desktop Payroll.

 

If there's anything else you need help with aside from recording a gift, please let me know by adding a comment below. I'm more than happy to help. Wishing you a good one!

View solution in original post

1 Comment
Angelyn_T
QuickBooks Team

How do I record a furniture and equipment asset that is being gifted to an employee?

Hi there, @Larry 1.

 

Thank you for reaching out to us here on the Community forum. I can definitely help you with recording a gift to your employee.

 

To get started, you need to figure out the furniture and equipment's (asset) value. Then, create a bonus payroll item and add the value of the asset when recording a gift.

 

Here's how to set up a bonus payroll item:

 

  1. Open your QuickBooks Desktop, then select Payroll Item List from the Lists menu.
  2. At the lower left of the Payroll Item List, select the Payroll Item button, then tap on the New button.
  3. Select Custom Setup, and then select Next.
  4. Click Wage, and then Next.
  5. Choose Bonus, and then Next.
  6. Enter the name of this item (bonus/furniture and equipment gift), then select Next.
  7. Choose the expense account you want the item to track to, and select Finish.

Once done, you're now ready to create the bonus paycheck. For the detailed instructions, you can open this article: Pay Employees With A Gift Certificate Or Cash Bonus In QuickBooks Desktop Payroll.

 

I'm also adding this link for additional resources about year-end checklist when preparing tax forms in QuickBooks Desktop Payroll.

 

If there's anything else you need help with aside from recording a gift, please let me know by adding a comment below. I'm more than happy to help. Wishing you a good one!

View solution in original post

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