How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
Bought a laptop Aug 2020. Set up as Fixed Asset and straight-line 5 year deprection. When I used TT Business, I set this up ($3400) as a Section 179 deduction instead. How do I deal with this now, in QBO?
How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
The only "change" you make in QBO is your year end journal entry for depreciation. Instead of Debit Depreciation expense $340 and Ctefot Accumulsted Depreciation (half year convention for first and last year) you will Debit Deprdcistion $3400 and Crddit Accumulated Depreciation $3400. That's it. You do not adjust anything else. The asset remains on the books at 3400 but it's value has been reduced by Depreciation of 100%
How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
The only "change" you make in QBO is your year end journal entry for depreciation. Instead of Debit Depreciation expense $340 and Ctefot Accumulsted Depreciation (half year convention for first and last year) you will Debit Deprdcistion $3400 and Crddit Accumulated Depreciation $3400. That's it. You do not adjust anything else. The asset remains on the books at 3400 but it's value has been reduced by Depreciation of 100%
How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
Thank you very much. I appreciate the information.
How do I set up an asset to be fully deducted by Section 179 in my QBO? Do I show it as fully depreciated in the first year? Is there a note or form to set up in QBO?
A follow-up question. A laptop was bought by an employee who was then reimbursed for it by the company, so it's under reimbursements in QBO, could it be depreciated the same way by the journal entry at the end of the year? Is there anything additiononal that should be done? I'm not an accountant :). Thank you.
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