On Thu, Aug 29, 2002 at 10:56:58AM -0700, Wil Cooley wrote: > > I (finally) started seeing an accountant for the first time the other > day, and he recommended that have my business take ownership of my > computer, printer, etc. so that it can be deducted or depreciated, for > the "fair market value" of the items. How about I go about entering > that in SL? I presume I would create an account of some kind, and make > a transaction between that account and "Office Supplies" (5700 in the US > default chart of accounts)?
Well, hang on, your computer stuff should be a part of your equipment -- unless your account disagrees of course, then go with your accountant. In fact, your accountant should be telling you what entries to make it. I mean, they went through all those years of college and you're paying your accountant, neh? Let him help you design the chart of accounts. Your accountant should also be making some noises about writing a formal Bill of Sale, transfering ownership from you to your business ... which makes more sense if you're not using a sole propritorship. The college course I took in accounting said something like this Investment (equity) -> Equipment (Asset) but like I said, better have your account clarify for you. > How does one actually record the cost of shipping for a part > ordered/received? I see the "freight" field in a purchase or sales > order, but not on the vendor invoice. I see it in the customer invoice > too, but it seems to be shipping method, not rate. I've been using a kludge, making a pseudo item for shipping and handling. And it is very much a kludge, and doesn't work under all circumstances. > Finally (and I know this has been asked before, I just can't remember > what the answer was or find it again), how does one transfer a part > bought with a vendor invoice to business expense? Should I create a > customer invoice for myself and "sell" it to myself? I've mostly been > entering miscellaneous office parts in the General Ledger. Now that I > look at it, I should probably be entering them through AP->Add > Transaction. But what if, for example, I purchase an item for office > supply along with a purchase of a number of items for resale? Yeah, I doubt Quickbooks has an easy answer to that one. The way the accounting class taught me, your inventory (for resale) debits the dollar value in your Inventory, and then your supplies goes towards the dollar value in your supplies. As you use up supplies, at the end of each month as part of "closing the books" for that month, you write General Ledger entries crediting Supplies (asset) and debiting Supplies Expense (expense) for how much you have used that month. Then, you figure how to split the taxes on those things. But these are all questions for your accountants, ya know. I'm making my disclaimer here, and refuse liability from giving you bad advice because I'm not giving you advice :-) Go talk with your accountant. -Qaexl- http://www.next-horizons.com/qaexl/
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