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If your bank register balance in QuickBooks Online doesn’t match your actual bank balance, several factors may cause the balances to vary. You would need to verify why they don’t match, and fix them accordingly.
Balances may not match for a number of reasons:
Please check this article to find out the recommended fix for the mentioned reasons: How to Fix Differences Between QuickBooks Balance and Bank Balance.
If you’re still having problems with mismatched problems, you may also read these articles for further help:
I’m always here to assist you if you have other concerns. I’m just a post away.
The steps to depreciating a vehicle start with the day it is purchased and that means in your possession, cash or loan. You add the Fixed Asset on your books based on purchase price. Some vehicles qualify for up from t Section 179 full write-off in the year acquired. If not taking this accelerated depreciation then depending on when during year it is in service determines how much of the straightline depreciation can be taken in year one. A rough estimate is you usually cannot take more than half of one year in year one, and the final half year in year 6.
You do not and cannot wait until loan is paid off as the loan has nothing to do with depreciation, and, as I understand the rules, the IRS will not let you take make-up depreciation simply due to the fact you did not take it when first eligible or chose to defer it for tax purposes. Sorry, but I think your ship has sailed, other than the lifeline that you can amend returns back 3 years
@RusnaBrpakpahan wrote:
Hi there
If your bank register balance in QuickBooks Online doesn’t match your actual bank balance, several factors may cause the balances to vary. You would need to verify why they don’t match, and fix them accordingly.
I’m always here to assist you if you have other concerns. I’m just a post away.
Think you meant this for some different question
Thanks for your response John, this was my thinking also. If the loan was paid off in 2020 can we do anything for 2019 year end as far as a depreciation entry?
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