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Updated over 10 years ago on . Most recent reply

User Stats

496
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205
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Doug McLeod
  • Investor
  • Cypress, TX
205
Votes |
496
Posts

Quickbooks - how to add previously acquired asset and accumulated depreciation

Doug McLeod
  • Investor
  • Cypress, TX
Posted

Hi BP folks - any Quickbooks DIYers out there?

I just started doing Quickbooks effective 2014 and got some help from a bookkeeper to do the journal entries from the HUD1's to add the rental house assets I purchased this year.  But I have one rental I've owned for 6 years and need to add as an asset with starting balance for 2014 (ending 2013).  My "books" start with calendar year 2014, with only a few starting balance entries in late 2013.  How do I add this older asset in 2013?  Do I book the original value I've been reporting on my taxes and the accumulated depreciation through 12/31/13?  What other entries are needed? (Note - I had not been amortizing any financing costs on that asset - just learned about that this year).

Also, I am not mapping all my entries to tax accounts at the moment. My CPA (tbn) - will have a chance to sort/assign/correct things during tax prep.

  • Doug McLeod
  • Loading replies...