We at Fourlane have learned a lot from our customers when it comes to the problems they run into with their QuickBooks files. With our services, we try to help the businesses we work with identify the true issues hiding beneath the surface, and walk away better off then when they came to us. That’s why with this QuickBooks Insight series, we hope you can identify with the experiences other customers have faced. This week we discuss Fourlane QuickBooks Insights – Fixing your Fixed Assets.
Today’s QuickBooks Insight Tip #10: Fixing your Fixed Assets
Fixed Assets, like equipment, trucks, machinery, all require upkeep and repair. You can use your customer list to track the expenses for each fixed asset value modification even though they are going to hit your balance sheet. This way at the time of selling the fixed asset, you know your true investment.
Going New or Used
An Electrician company had a fleet of vehicles that were dispatched from their central headquarters daily. The vehicles were mostly purchased used and the owner wanted to know how much work was having to be put into the used vehicles before he sold them off later. He also wanted to know if it was actually better to purchase new vehicles instead because of the extra depreciation potential upfront and having less down time with repairs.
Our Solution
We set up a customer called “ZZ Vehicles.” The “ZZ” is so that it shows up on the bottom of the customer list to not distract anyone entering sales transactions. Then we set up each vehicle as a job. This way when we had bills or credit card transactions, we could put the customer/job on the line.
The account we would choose would be the appropriate fixed asset balance sheet account. Then we created a custom transaction detail report, filtered for anything that was uncleared and for just the fixed asset accounts, and totaled by customer/job to show all the expenses related to each vehicle.
Additionally, when we sold the vehicles, we would put that in against the vehicle customer/job. This would allow us to reconcile the fixed asset accounts and this particular vehicle details would come off of our reports since it was then in a cleared status.
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