Linda Saltz, CPA, QBalance.com
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Is the Toyota on the books as a company car? I don't know how the loan could exist on the books without the car also being included on the books. You can check the fixed asset schedule that comes with
Yes that is right, Set up a new account (if you dont have one already) call Land type = Fixed asset. Land is not depreciated. If later you should begin building on the land, set up a other current
Hi FA, No do not treat as a fixed asset yet. It is considered a "deposit". I would set up a new account called Deposit on Land, it is a current asset type of account. Post the payments to that
Hi FA, Your goal is to have the profit and loss represent a true statement of net income. So the best review is to make sure you have accounted for all your balance sheet accruals correctly.
So when the check was written to petty cash to reimburse it, what expense category did you use to code that check? Whatever that expense account was, that is the one you need to use. You should