Tips for Handling (Almost) Ten Tricky Situations
In This Chapter
Selling an asset
Tracking owner’s equity
Doing multiple-state accounting
Obtaining and repaying loans
As your business grows and becomes more complex, your accounting does, too. I can’t describe and discuss all the complexities you’ll encounter, but I can give you some tips on handling (just about) ten tricky situations.
To track the depreciation of an asset that you already purchased (and added to the Chart of Accounts), you need two new accounts: a Fixed Asset type of account called something like Accumulated Depreciation and an Expense type account called something like Depreciation Expense.