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jmahomes
Level 1

Showing vehicle value on a balance sheet

I have a vehicle I purchased in 2016, and everything was set up correctly in QB (depreciation, etc). Right now, on balance sheet reports it shows that it isn't worth anything as an asset, but I could trade it in or sell it for approximately 20,000. Is there a way to reflect that on my balance sheet? 

2 Comments 2
Rustler
Level 15

Showing vehicle value on a balance sheet

Yes but I advise that you don't, it is unrealistic

 

Create two accounts, a sub fixed asset account called unrealized value and an equity account called unrealized asset value

 

Decide how much you want that account to be and do a journal entry

debit the unrealized value account and credit the unrealized asset value account for that amount

Rainflurry
Level 13

Showing vehicle value on a balance sheet

@jmahomes

 

Under US accounting standards (GAAP), under no circumstances, can you write up the value of fixed assets.  The vehicle should remain fully depreciated on your balance sheet.

 

 

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