Questions about assets: Why don't fixed assets show up on my balance sheet? Even when I changed some items on my fixed asset list to 'Current Assets' they still don't show up...but there is 'undeposited funds' listed there as a 'current asset'.
The fixed asset list in QB does not do anything with the accounts, it is just a memo kind of thing
when you purchased the fixed asset, you should have posted that to the Fixed asset account or create a sub account (my preference) then it will show on the balance sheet as it should
Oh, thanks! Do I post it with a General Journal Entry? How would that look? I get my Debits and Credits mixed up...
Depends how did you pay for it, and when?
Did you record the purchase in some other way?
Most of the items are tools, trailers, trucks, etc that we already owned before starting the business in 2010 but I just never did anything with assets until now when I'm wanting to get a small loan and look good for the bank. We do have a professionally designed website worth $10,000 or so but we didn't pay cash for it, we built several structures for the designer in trade. We also have several fully completed display model playhouses worth about 10,000. These are items that we may or may not sell within a year.
Another thing.... I don't want to do anything with regard to assets that will hurt us come tax time. We are a small business, S Corp. Just my husband and myself as owners...
For items you owened and contributed to the business at the start
Trailers and trucks are only business assets if the business holds the title, if it is titled in your personal name it is not the property of the business and does not go on the books
tools, are assets, you can create a tool asset account, then in the chart of accounts double click on the account to bring up the register, make an entry back dated to when the business started and enter the total value as an increase, in the account block selectopening balance equity
The display houses you built are a different problem, what should have happened is that when you were building them the cost of the materials used was accumulated in a wip asset account, then when it was completed, the total in the wip account is moved to the display asset account
but if you built the display houses last year and expensed the materials, then they have no value today.
You really should sit down with a CPA, I am not one
