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Should I enter an opening balance for my company fixed asset account?

Use care entering an opening balance for a fixed asset account because it's possible to create a double accounting entry.

For example, if you create or plan to create a transaction to reflect using a non-business asset, such as an existing car, as a business asset, do not enter an opening balance because this will result in a double accounting entry for the item.

  • If you purchased the fixed asset before your QuickBooks start date, do not create a transaction to put money in the account.
  • If you purchased the fixed asset after your QuickBooks start date, create a transaction to put money in the account.

Check with your accountant if you're not sure whether to enter an opening balance or create a transaction for a fixed asset.

See also

KB ID# H_COA_INFO_ENTER_OPENING_BALANCE_FIXED_ASSET
12/9/2016 7:27:37 AM
PPRDQSSWS407 9138 Pro 2017 4eb504