R
Tue Jan 30 16:49:50 CST 2007
Hmmm. With $10 million gross (net?) income maybe you should consider an
accountant? :)
Anyway, set up asset accounts for your equipment, furniture etc in Money.
Then go back and enter the purchase transactions in the account that you
paid the vendors from (business checking account probably) and, instead of
using a category, use a transfer to the appropriate asset account. In other
words there will be a withdrawal from your checking account and a increase
in the asset account in the amount of the purchase price. Thereafter you
can depreciate the asset over time according to IRS rules. You will
decrease the asset account and categorize that amount as a depreciation
expense.
Regards
Bill Wood
"ABSLLC" <ABSLLC@discussions.microsoft.com> wrote in message
news:6578E305-501D-414A-B40A-F59897978215@microsoft.com...
>I am a small sized business, 2 employees but my business is huge,
>$10,000,000
> last year. I like to keep things simple and prefer to use MS Money
> Business
> for my financial program.
>
> I have decided to keep track of my fixed assets for my business for the
> 2006
> tax season. What I need to do is to go back and re-enter some items, I
> think.
> \
>
> If I create individual accounts for equipments, furniture, and software
> but
> already have paid my vendors our of my old accounts. How do I transfer the
> expeses over to the new fixed asset accounts that I created?
>
> Is this making sense?
> --
> Aquila Business Services, LLC
> James