Banking - For Review - Equipment

CanyonLandscaping · ‎November 11, 2018

So I purchased 2 pieces of equipment recently. Paid "cash" with my bank card. They are fixed asset items. I have created Fixed Asset accounts for the items in my Chart of Accounts. However, do I put zero as the Original cost and then "match" the item under "For Review" in "Banking" to the appropriate Fixed Asset? Or where/what should I record the bank record of the purchase under?

If I enter an original cost under the fixed asset, then when I match the transaction to the fixed asset, the asset now has an "account balance" of twice what the cost was.

Help would be appreciated.

CanyonLandscaping · ‎November 11, 2018

After writing my last response, I came to the solution in my brain. Suppose I was overthinking.

When I create the Fixed Asset account, I did not enter any financial values in any of the items and told it I wanted to track depreciation. It created 2 sub accounts, one being "Original Cost". I then went back over to my banking transactions and put the purchase transaction of the equipment (mower) under the sub-account "Original Cost". It now populates as that being the original cost and the banking transaction is no longer needing to be "matched"

View solution in original post

qbteachmt · ‎November 11, 2018

This function should never be used: "do I put zero as the Original cost"

I think what you did is Add a new account and you see the field for Beginning Balance. Never use this. You are always going to have Actual Transactions. The Transaction is taking care of the financial values.

CanyonLandscaping · ‎November 11, 2018

When I create a Fixed Asset account, the final field is "Original Cost: ____ As of: ____"

I can enter that here and it populates under the new account as a sub-account "Original Cost". However I still have the banking transaction over on the "For Review" page that I must do something with. If I apply it to that Fixed Asset, the Fixed Asset now doubles in cost. Meaning it would depreciate from double the original cost.

CanyonLandscaping · ‎November 11, 2018

After writing my last response, I came to the solution in my brain. Suppose I was overthinking.

When I create the Fixed Asset account, I did not enter any financial values in any of the items and told it I wanted to track depreciation. It created 2 sub accounts, one being "Original Cost". I then went back over to my banking transactions and put the purchase transaction of the equipment (mower) under the sub-account "Original Cost". It now populates as that being the original cost and the banking transaction is no longer needing to be "matched"

qbteachmt · ‎November 11, 2018

This is what you Ignore: "I can enter that here"

No, don't enter it There.

These "beginning" or "opening balances" are meant for Transitional tasks. Not Ongoing work. You are up and running. Your transactions will take care of this Balance, because you have the actual entry.

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Banking - For Review - Equipment