Do You Need to Use QuickBooks’ Fixed Asset Tools? The Basics

May 2014 QuickBooks® Newsletter

QBC newsletter logoManaging your company’s fixed assets is a complicated process, one that will require some extra assistance.

Much of the work you do in QuickBooks is short-term. You send an invoice and it gets paid. Your purchase order is fulfilled, and the products move into your inventory. You run payrolls and submit their related taxes and other payments.

Managing the life cycle of your fixed assets is an exception. Simply, fixed assets are physical entities that you purchase to help your business generate revenue, like property, a vehicle or a commercial oven. By definition, they must be in use for over 12 months.

Figure 1: You’ll need our help in depreciating the book value of your fixed assets, but careful recording of them will make your QuickBooks reports, your taxes and your company’s worth more accurate.

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Photograph by Jack Katz Wins “Best in Show”

On April 26, 2014, Jack Katz’s photo of a porcupine fish (below) won “Best Close Up Picture” and “Best In Show” at the annual “Divers’ Appreciation Party” and photo contest held by Elmer’s Watersports of Evanston, a WB client.

Photo of porcupine fish by Jack Katz, CPA

Jack has Advanced Diver certification and Rescue Diver certification, along with several specialty certifications, including underwater photography. He photographed the porcupine fish in November 2013 in Cayman Brac. In November 2014, Jack will travel with Elmer’s on a trip to the islands of Yap and Palau, located in the Federated States of Micronesia (FSM).  The FSM are north of Papua New Guinea and east of the Philippines, just above the equator.

 

Share Your #CPAPOWERED Story…

#CPAPoweredWe value the trust you place in us to not only prepare your tax returns, but to provide you with the kind of advice that helps you achieve your financial goals — special moments, like retirement, opening a business, putting the kids through college or buying a vacation home.

To celebrate these special moments, the AICPA is sponsoring  a social media campaign through May 30, 2014, on behalf of the CPA profession. Clients are encourage to share one of their special moments via photo, video or tweet. There’s a special web page, cpapowered.org, to view others’ stories or to help you easily personalize and submit a photo or upload a video about your moment for others to see. Those who submit images or videos through the site will be entered into a drawing to win one of five iPad Airs.

Please use the hashtag #CPAPOWERED when you share your images, videos and tweets — whether sweet, poignant or downright hilarious — on social media to spread the word around the web.

CPA Powered