The QuickBooks Farm Accounting Cookbook(tm), Volume IV: Fixed & Depreciable Assets: Machinery, Breeding Livestock, Buildings, and Land (The QuickBooks Farm Accounting Cookbook Series)

Volume IV in the QuickBooks Cookbook™ series shows a simpler way to account for fixed assets in farm and ranch businesses using cash accounting. Setting up Inventory Part Items in a special way allows keeping detailed fixed asset records entirely within QuickBooks (any desktop edition--Pro, Premier, Accountant, or Enterprise), without the need for additional software or Web-based services, and without ever needing to use Journal Entries, debits, or credits. This unique approach lets you see the entire transaction history for any fixed asset at any time, makes it easy to update asset values for preparing market value balance sheets, and produces the reports you need for income tax preparation--lists of fixed asset purchases, sales, trade-ins, and disposals for the year, all keyed to your tax preparer's asset list. Because it is based on Inventory Part Items, one Item can be used to manage a group of like assets acquired in a single purchase--breeding livestock, several machines of the same type, a fleet of vehicles, etc. Simply using the Item to record things like livestock deaths or selling part of the group--a few cull cows, or one machine from a group of three, for instance--causes QuickBooks to automatically maintain a count of the number of animals or machines remaining in the group. The book also provides a broad discussion of depreciation, exploring whether cash based recordkeepers should enter depreciation expense at all, and showing how to calculate depreciation with a free spreadsheet template downloadable from the publisher's Web site. ***** For blog articles on topics in the book, visit www.QBAgCenter.com. ***** For ebook editions, or to purchase the QuickBooks Cookbook™ series as a multi-volume set, visit www.goflagship.com.