Chapter 19

Tips for Handling (Almost) Ten Tricky Situations


Bullet Selling assets

Bullet Tracking owner’s equity

Bullet Doing multiple-state accounting

Bullet 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.

Tip In QuickBooks, you make journal entries by using the General Journal Entry window, which you get to by choosing Company ⇒ Make Journal Entries. If you don’t understand double-entry bookkeeping but want to, take a gander at Appendix B.

Tracking Depreciation

To track the depreciation of an asset that you’ve 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 of account called something like Depreciation Expense.

If you have a large number of assets, keeping track of ...

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