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