Was this page helpful?
Thank you!

Comments or suggestions?

Enter Email Address (optional)

Record thefts or losses of fixed assets

To do this task

  1. Go to the Company menu and click Make General Journal Entries.

  2. In the Make General Journal Entries window, click in the Account column.

  3. Click the Account drop down arrow and choose the fixed asset account or subaccount where you track the cost (or starting value) of the asset.

  4. In the Credit column, enter the cost (or starting value) if you track depreciation in a separate asset account. Otherwise, enter the current book value of the asset.

  5. (Optional) In the Name column, enter the name of the asset.

  6. If you track accumulated depreciation in a separate subaccount, fill in a second line.

    1. In the Account column, choose the fixed asset subaccount where you track the accumulated depreciation of the asset.

    2. In the Debit column, enter the total accumulated depreciation of the asset that you obtained from the QuickReport.

    3. (Optional) In the Name column, choose the name of the asset.

  7. If you received insurance money, fill in a third line.

    1. In the Account column, choose the bank account in which you deposited the money.

    2. Enter the amount in the Debit column.

  8. On the next line, enter the amount of the loss not covered by insurance.

  9. In the Account column, choose the Other Expense account for thefts or losses.

  10. Save the entry.

    Note: Respond to the prompt about whether you want to track the sale of this fixed asset by using a fixed asset item.

11/19/2017 9:36:10 PM
PPRDQSSWS903 9142 Pro 2018 ae139c