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Jul 20, 2024 · Assets on the left side of the accounting equation must stay in balance with liabilities and equity on the right side of the equation: Assets = liabilities + equity. Assume that a firm issues a $10,000 bond and receives cash. The company posts a $10,000 debit to cash (an asset account) and a $10,000 credit to bonds payable (a liability account).
Aug 7, 2021 · Merchant Account Fees: Credit card merchant account discount fees, transaction fees, and related costs Other Construction Costs: Other costs directly related to jobs such as waste disposal, onsite storage rental, etc.
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Feb 15, 2017 · Receivables are a regular asset on your balance sheet. When you make a sale, your business either receives cash or extends credit to the customer. If your business extends credit to the customer, the income statement account increases, and the asset account receivable (the amount the customer owes you) also increases.
- How to Track A Fixed Asset Item in QuickBooks
- Creating A Fixed Asset Account
- How to Record A Fixed Asset Purchase in QuickBooks
- Are You A Small-Business Owner Paying Too Much Tax?
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Your first step when recording a fixed asset should be to record the fixed asset item in QuickBooks. To do this, go to Lists → Fixed Asset Item List. QuickBooks displays the Fixed Asset Item List window (see Figure 1). Next, in the bottom left corner, click the “Item” button, then click “New.” This will open the New Fixed Asset Item dialog box whic...
You might have to create a new asset account for the fixed asset item. You can add accounts to QuickBooks in a variety of ways, but to do this while you’re describing the fixed asset item, first select the field labelled “Asset Account.” Next, scroll to the top of the list of accounts and click “ .” QuickBooks displays the Add New Account d...
After you’ve created fixed asset items for your assets in QuickBooks, you’ll want to make sure you actually record the purchase in your books. Probably the easiest way to do this is through the Write Checks window. So start by going to Banking → Write Checks. Next, select the “Items” tab (about halfway through the screen). Select an empty field und...
Small-business owners often don’t do a good job maximizing their legitimate tax deductions. They don’t, for example, structure their operations to protect legitimate deductions. They frequently don’t do enough to create new deductions. And rarely do they understand how to recycle, or double-deduct, amounts that can be used more than once. Which is ...
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QuickBooks records an in/out transaction through an Other Current Asset type account named “Account for Credit Transfer”. This account is added automatically by QuickBooks upon the first instance when a user assigns a credit from one job to anotherin the Apply Credits window. By default, the automatically
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Feb 2, 2023 · This QuickBooks tutorial video shows you how to use Other Current Asset accounts in QuickBooks 2023. *To try our full QuickBooks training for free, click her...
- 3 min
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