• Was this page helpful?
Intuit Blog
|
Support
GoPayment
|
Payroll
|
QuickBooks Online
|
QuickBooks
|
Website Services
Intuit
Sign In
Register
Grow Your Business Hiring & Managing People Managing Business Finances Starting A Business
  • Business Spotlights
  • Start & Grow
  • Green Your Business
Leaderboard
Hide Advanced Search
 
All of these words
Any of these words
This exact phrase
None of these words
In this forum
With posts written by
With posts from
to
mm/dd/yy
mm/dd/yy
Show Advanced Search
Home   Help with Your Business   Start & Grow   Managing Business Finances  
hide
05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
499
323
c0gS76s3ur4yUOacwZ5xHE
Subscribe RSS
happycomputers
happycomputers
Questions asked: 1
Questions answered: 0
Points earned: 0
happycomputers
happycomputers
Questions asked: 1
Questions answered: 0
Points earned: 0
New Member
01/30/12 11:25am PST
Viewed by asker 02/04/12 8:38am PST

Converting COGS to store-use while factoring in depreciation

I own and operate a computer repair shop. If I purchase a computer for resale, I usually associate the transaction with my COGS account.  Sometimes when a computer does not sell after a certain amount of time, I use it as "store use" and swap out an older computer an employee uses for the new one I couldn't sell.  What is the best way to account for this, and are there any significant tax ramifactions of doing so? Also, is there any further depreciation I can claim?

 

Thanks so much, in advance.

-Donnie

Solved!
Submit a reply to this question
Type of Abuse
Abusive behavior
 
Inaccurate information
 
Other (add details below)
 
Add Details
Cancel_sm Submit_sm
 Report Abuse
1 Reply
mkhan
mkhan
Questions asked: 15
Questions answered: 750
Points earned: 1694
Certified ProAdvisor
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Allstar
Allstar
Advisory council of community power users.
ProAdvisor
ProAdvisor
Members of the QuickBooks ProAdvisor Program
mkhan
mkhan
Questions asked: 15
Questions answered: 750
Points earned: 1694
Allstar
02/01/12 11:46am PST
Latest post
The solution

As you you baught a new computer to sell and record this in the quickbooks under cost of good sold.  when you unable to sell you use this in the store. In this situation take it out from cost of good sold and put this under fixed asset "machinary & equipment"

Make a general entry. steps go to company>make a general entry, then select "machiary & equipment" and write the amount under debit column; then go to next line and select the acount (that you use when you baught this computer) under cost of good sold and write the amount under credit column.  while doing taxes you will do depreciation for this item.

If this is the answer pl click solved.

Hope this helps. If so please mark solved. Or if you like it-then click thumbs up. Thanks
www.mkaccounting.org
Tips to Grow Business: http://community.intuit.com/po...
Type of Abuse
Abusive behavior
 
Inaccurate information
 
Other (add details below)
 
Add Details
Cancel_sm Submit_sm
This helped me! Add 1 point.
10
Reply to this Answer
 Report Abuse
 
 
 
   
 
Submit a reply to this question
 
Subscribe RSS
Tags for this topic
    Help other users find this post by tagging it
Use commas to add multiple tags
Add tags
Latest Site Activity
Pause Feed
Lynette_answers
27 secs ago
Lynette_answers
replied to
When will MX tool work?
Screennamenotalreadytaken
54 secs ago
Screennamenotalreadytaken
replied to
R E P Fees
CCRussell
1 min ago
CCRussell
replied to
Trouble loading program ont...
Rubies
1 min ago
Rubies
replied to
Fron Assissted to Enhanced?
Lynette_answers
1 min ago
Lynette_answers
replied to
Where is the UPDATED info f...
Community Home Help with Intuit Products Start & Grow Your Business Help for Accountants Small Business Blog Join us on Facebook Follow us on Twitter Watch us on YouTube Meet us on LinkedIn
About Intuit | Careers | Register Your QuickBooks | QuickBooks Affiliate Program | Privacy | Legal | Contact Us | Our Hosts
© 2012 Intuit, Inc. All rights reserved. Intuit and QuickBooks are registered trademarks of Intuit, Inc.
Terms and conditions, features, support, pricing and service options subject to change without notice.
TRUSTe - Privacy Standards and Principles
Intuit Websites - Create the perfect site
Intuit Small Business
QuickBooks Accounting Software
Small Business Grants
QuickBooks Online Accounting
Intuit Payroll Services
Intuit Credit Card Processing
Intuit Business Directory
Intuit GoPayment
Intuit Small Business Education
Intuit Small Business Blog
Love a Local Business