Setting up an account for accumulated depreciation in .NET

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Setting up an account for accumulated depreciation
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To set up an accumulated depreciation subaccount, follow these steps: 1. In the Type eld, enter Fixed Asset using the drop-down menu. 2. In the Name eld, enter Accumulated Depreciation. 3. Select the Subaccount Of checkbox and enter the name of the xedasset parent account. 4. In the Opening Balance eld, enter a negative number if the asset was purchased before your QuickBooks start date. The number must be negative because it is to be subtracted from the cost on the Balance Sheet. If you are purchasing the asset after your QuickBooks start date, leave the opening balance at zero. 5. Click Next so that you can proceed to create the depreciation expense subaccount from this window.
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29 Accounting for Fixed Balance Sheets
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To create the depreciation expense subaccount, follow these steps: 1. In the Type eld, enter Expense. 2. Enter a name for the account, such as Depreciation Expense. 3. In the Tax Line eld, choose a tax line with which to associate this account or leave it designated as <Unassigned>. 4. Click OK to leave this window.
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Acquiring xed assets after the QuickBooks start date
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If you acquire a new asset after your QuickBooks start date, you can enter the purchase transaction in the register of the account (for example, cash, credit, or accounts payable) that you used to purchase the asset. The register for the xed-asset account is shown in Figure 29-3. In the Account eld of the register, enter the name of the cost account that you created to show the original cost of the transaction.
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Figure 29-3: The register of a xed-asset account appears as shown here.
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506 Part VI Banking and Credit Card Transactions
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Recording depreciation expense
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There are several methods for calculating depreciation. The Internal Revenue Code sanctions certain methods depending on the type of asset. The methods used determine how many years it takes to fully depreciate the asset. The shorter the time period for depreciating the asset, the greater the expense and the less income that is reported to the IRS. Consult with your tax advisor to determine the depreciation method and the amount of the deduction to which you are entitled each year. To record depreciation expense, follow these steps: 1. From the Lists menu, choose Chart of Accounts. Double-click the subaccount that tracks accumulated depreciation for the asset you re depreciating (e.g., the Accumulated Depreciation account for a truck as shown in Figure 29-4).
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Record depreciation expense at end of register
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Figure 29-4: Record depreciation expense in the Accumulated Depreciation account register for a xed asset shown here.
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2. Enter the transaction at the bottom of the register. 3. Enter the depreciation amount as a decrease in the register.
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29 Accounting for Fixed Balance Sheets
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4. In the Account eld, enter the expense account that you set up to track depreciation. 5. Record the entry. 6. If you use a xed-asset Item to track this asset, you can edit your xed-asset Item and record that you ve entered this depreciation transaction in the Notes eld.
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Selling a xed asset
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The sale of a xed asset is an accounting event outside of the normal course of business. This transaction produces gain or loss, as opposed to income or loss from the operations of the business.
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When you sell a xed asset, you must recognize either a capital gain or a capital loss. If you sell an asset for more than the original cost less accumulated depreciation, you recognize a capital gain. Selling an asset for less than its carrying value results in a capital loss.
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To record the sale of an asset, follow these steps: 1. From the Company menu, choose Make General Journal Entries. The window shown in Figure 29-5 appears.
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Figure 29-5: Enter journal entries to record sale of xed assets and adjust accumulated depreciation using this window.
508 Part VI Banking and Credit Card Transactions
2. From the Account drop-down list, choose the xed-asset account or subaccount where you track the cost or starting value of the asset. 3. In the Credit eld, enter the cost (or starting value) if you track depreciation in a separate asset account. Otherwise, enter the current book value of the asset as obtained from the QuickReport. 4. (Optional) In the Name eld, enter the name of the asset. 5. If you track accumulated depreciation in a separate subaccount, follow these steps: In the Account column, choose the xed-asset subaccount where you track the accumulated depreciation of the asset. In the Debit column, enter the total accumulated depreciation of the asset that you obtained from the QuickReport. (Optional) In the Name column, choose the name of the asset. 6. To enter the sales price of the asset, follow these steps: In the Account column, choose the bank account in which you deposited the money from the sale. In the Debit column, enter the actual amount that you deposited. This amount may be higher or lower than the current book value. (Optional) In the Name column, choose the name of the asset. Press Tab so that QuickBooks lls in the difference in the Debit or Credit eld of the next line. 7. Enter the net gain or loss on the next line. 8. Save the entry using one of these options: Click Save & Close to save the transaction and close the window. Click Save & New to save the transaction and enter a new one.