quickbooks accounting question

[Rupe]

Isn't there a "bought new gay truck" setting? that should sort it!

[Topcat]

Steve...it goes on as a fixed asset account but you must open a corresponding depreciating account with a fixed % that you want to apply,25% usually for vechiles. At the tax year end the system then deducts 25% from the value of the fixed asset and the new value is set for next year.It will show the new figure on the balance sheet and your P & L is adjusted to show a write down for said asset.....hope that helps

[Yorkshireman]

I was going to ask what vehicle you where going buy.

 

But Rupe seems to have answered that !

[Steve Bullman]

Steve...it goes on as a fixed asset account but you must open a corresponding depreciating account with a fixed % that you want to apply,25% usually for vechiles. At the tax year end the system then deducts 25% from the value of the fixed asset and the new value is set for next year.It will show the new figure on the balance sheet and your P & L is adjusted to show a write down for said asset.....hope that helps

 

hmmm ok i will have a look at that...i did look at the asset accounts but not sure how they deal with the finance payments etc.

the other loan i track with quickbooks i have set as a long term liability account...seems to work alright, dont know if its right though! as long as my books tally i let my accountant work out depreciation etc.

 

are you running quickbooks?

[Steve Bullman]

I was going to ask what vehicle you where going buy.

 

But Rupe seems to have answered that !

 

yep rupe is spot on...a gay navara

[Yorkshireman]

very good ralmao

 

i've now put a alpha gse top on mine

 

http://www.4x4at.com/trucktops.php?PHPSESSID=d5bf02584a006540acde997029c03e75#

Edited March 24, 2009 by Yorkshireman

[Steve Bullman]

cool...im trying to get a deal on a remote controlled tonneou cover for mine....and that spray on liner

[Topcat]

hmmm ok i will have a look at that...i did look at the asset accounts but not sure how they deal with the finance payments etc.

the other loan i track with quickbooks i have set as a long term liability account...seems to work alright, dont know if its right though! as long as my books tally i let my accountant work out depreciation etc.

 

are you running quickbooks?

 

yes. but the 2006 version,need to upgrade. Good system until something like this crops up.

 

Tried ringing one of the associate's a cpl year back. Even he had to ring them to sort the problem out for me.

[Quickthorn]

I do mine on quickbooks 2001 as Topcat says. The vehicle is a "fixed asset" account, and at the end of my financial year, I transfer the capital allowance (ie depreciation) from that account to a "other expense" account set up to track depreciation. I had a loan for that vehicle, which was set up as a "long term liability" account. There were a set number of fixed repayments from a bank account, with each payment being made up of interest plus capital repayment; the interest i tracked as an "expense", and what was left went into the loan account to gradually reduce the debt.

 

I've found the help with the software pretty good, but the backup used to be poor. there was one phone number that led to a queue, and you were charged at premium rate to wait in that queue..I don't think my call was ever answered! I hope it's a bit better now.

[Gaynor]

Has anyone got any experience of the free version of quick books? Is it any good?