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Fourlane QuickBooks Insights – Fixing your Fixed Assets

Fourlane QuickBooks Insights

We at Fourlane have learned a lot from our customers when it comes to the problems they run into with their QuickBooks files. With our services, we try to help the businesses we work with identify the true issues hiding beneath the surface, and walk away better off then when they came to us. That’s why with this QuickBooks Insight series, we hope you can identify with the experiences other customers have faced. This week we discuss Fourlane QuickBooks Insights – Fixing your Fixed Assets.

Today’s QuickBooks Insight Tip #10: Fixing your Fixed Assets

Fixed Assets, like equipment, trucks, machinery, all require upkeep and repair. You can use your customer list to track the expenses for each fixed asset value modification even though they are going to hit your balance sheet. This way at the time of selling the fixed asset, you know your true investment.

Going New or Used

An Electrician company had a fleet of vehicles that were dispatched from their central headquarters daily. The vehicles were mostly purchased used and the owner wanted to know how much work was having to be put into the used vehicles before he sold them off later. He also wanted to know if it was actually better to purchase new vehicles instead because of the extra depreciation potential upfront and having less down time with repairs.

Our Solution

We set up a customer called “ZZ Vehicles.” The “ZZ” is so that it shows up on the bottom of the customer list to not distract anyone entering sales transactions. Then we set up each vehicle as a job. This way when we had bills or credit card transactions, we could put the customer/job on the line.

The account we would choose would be the appropriate fixed asset balance sheet account. Then we created a custom transaction detail report, filtered for anything that was uncleared and for just the fixed asset accounts, and totaled by customer/job to show all the expenses related to each vehicle.

Additionally, when we sold the vehicles, we would put that in against the vehicle customer/job. This would allow us to reconcile the fixed asset accounts and this particular vehicle details would come off of our reports since it was then in a cleared status.

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About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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