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Waggoner
Level 1

Used fixed asset not reporting to the balance sheet report

I am attempting to add used fixed assets to my balance sheet. The equipment was purchased several years ago, so I am unable to write a check for its estimated valve, and then report it to the designated asset account. I went to the Fixed asset items list, selected New Item, filled out the appropriate information, and clicked okay. Quickbooks accepts the asset in the Fixed asset items list, but does not list the item or its value in the standard balance sheet report. I am not sure if I am doing something wrong in the Fixed asset items list or if the balance sheet report needs to be adjusted to show the items I need to have listed.

Solved
Best answer September 20, 2017

Best Answers
john-pero
Community Champion

Used fixed asset not reporting to the balance sheet report

Only during the purchase opf a business would you use an estimated or appraised vaue for an asset on a balance sheet. If the asset has been fuy depreciated its current vaue would be zero anyway.

If you are using Fixed Asset Manager it is integrated with QB desktop but not automatic - you have to tell FANM to post to QB, this might be the problem. (you could use FAM simply for tracking and computing depreciation yet not have it share data with QB) https://community.intuit.com/articles/1553734-accomplish-different-tasks-in-fixed-asset-manager-fam

If you are not using FAM or are using QBO instead of desktop any asset you create in your Chart of Accounts wiul appear in your balance sheet - uness it is zero and your report excludes zero entries (changed in customize or filtering)

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6 Comments 6
john-pero
Community Champion

Used fixed asset not reporting to the balance sheet report

Only during the purchase opf a business would you use an estimated or appraised vaue for an asset on a balance sheet. If the asset has been fuy depreciated its current vaue would be zero anyway.

If you are using Fixed Asset Manager it is integrated with QB desktop but not automatic - you have to tell FANM to post to QB, this might be the problem. (you could use FAM simply for tracking and computing depreciation yet not have it share data with QB) https://community.intuit.com/articles/1553734-accomplish-different-tasks-in-fixed-asset-manager-fam

If you are not using FAM or are using QBO instead of desktop any asset you create in your Chart of Accounts wiul appear in your balance sheet - uness it is zero and your report excludes zero entries (changed in customize or filtering)

Waggoner
Level 1

Used fixed asset not reporting to the balance sheet report

I am currently using QBpro 2017. If I am understanding you correctly it sounds like I cannot add an asset to the balance sheet without writting a check and posting it to the correct asset account?

qbteachmt
Level 15

Used fixed asset not reporting to the balance sheet report

"I cannot add an asset to the balance sheet without writting a check and posting it to the correct asset account?"

 

Of Course you can list all of your Assets, Lliabilities and Equity. You need to enter the Values with their Offsets.

 

Anything you Own and anything you Owe, are affecting Equity. LIke this:

 

I own a Building, with my Original Basis of $150,000 and the depreciation so far is $50,000 and the Land was given a basis of $10,000. I have a mortgage of $20,000, too.

 

 

Make a Journal Entry:

Debit Fixed Asset Building/Improvements $150,000

Debit Land Asset $10,000

Credit Loan $20,000

Credit Depreciation $50,000

Credit Equity (the difference of $160,000 minus $70,000) $90,000 <== My Equity

 

 

I teach Equity like this: If I am hit by a bus, you need to Sell Everything, pay off my debt, and you get to Party on the difference. The Difference = My Equity.

qbteachmt
Level 15

Used fixed asset not reporting to the balance sheet report

"If the asset has been fuy depreciated its current vaue would be zero anyway."

 

You still enter Basis and you enter depreciation = Gross details.

katyqbadvisors
Level 3

Used fixed asset not reporting to the balance sheet report

If you are not using the QuickBooks FAM system, that part of QB for your purposes is only for tracking, doesn't effect financials.

 

Create a new fixed asset account in the chart of accounts, and create a depreciation expense account as well.

 

Debit   New Fixed Asset

Debit  Depreciation

Credit Equity

 

You do realize your financials are probably off though, since you likely took it as a expense when you purchased and then later that overall effected equity *which is why you are crediting (decreasing the equity account)

 

Hope this helps!

 

 

qbteachmt
Level 15

Used fixed asset not reporting to the balance sheet report

"You do realize your financials are probably off though, since you likely took it as a expense when you purchased and then later that overall effected equity *which is why you are crediting (decreasing the equity account)"

 

Whoever does your taxes should have an Asset worksheet, if they don't already provide one to you with your tax form every year. That is your reference document.

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