Showing results for 
Search instead for 
Did you mean: 
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
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

Level 13

Showing vehicle value on a balance sheet



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.



Need to get in touch?

Contact us