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Level 1

How do i enter fixed assets manually in new company file?

I have QB Enterprise 17.0, due to mess in my previous accounts i have created new company file and want to enter fixed assets ( I am not using FAM feature ). I have entered account receivables and payables but have problem in fixed assets, financed vehicles and long term loans.

 

5 Comments
Level 15

How do i enter fixed assets manually in new company file?

create the fixed asset structure in the chart of account you want  to use, then create the associated liability accounts, all with zero starting balance

get the current loan balance, journal entry, debit fixed asset and credit the loan liability

the difference between the book vale per fixed asset in the old file, and the new balance you just created now can be entered, another journal entry, debit fixed asset, credit owner equity for that difference

Level 15

How do i enter fixed assets manually in new company file?

Don't overlook Depreciation.

 

Fixed Asset Vehicles

Subaccount Cost Basis

Subaccount Deprec

 

Debit Cost Basis for basis

Credit Deprec for prior Deprec

Credit Loan balance as of this same transition date

The difference is Credit/Debit to Retained Earnings (prior year equity)

Level 15

How do i enter fixed assets manually in new company file?

teach - I didn't overlook depreciation, I said to use prior book value, which is cost less accumulated deprecation

Level 1

How do i enter fixed assets manually in new company file?

can you send me a screenshot 

Level 15

How do i enter fixed assets manually in new company file?

"I said to use prior book value"

 

That's Net. Since this is the same business, just starting the data fresh, you need Gross. You need original Basis and you need all taken depreciation.

 

"can you send me a screenshot"

 

I attached an example of a chart of accounts structure that works fine. You can track per vehicle, as you show. You can have a total of 5 levels.

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