Hi BP folks - any Quickbooks DIYers out there?
I just started doing Quickbooks effective 2014 and got some help from a bookkeeper to do the journal entries from the HUD1's to add the rental house assets I purchased this year. But I have one rental I've owned for 6 years and need to add as an asset with starting balance for 2014 (ending 2013). My "books" start with calendar year 2014, with only a few starting balance entries in late 2013. How do I add this older asset in 2013? Do I book the original value I've been reporting on my taxes and the accumulated depreciation through 12/31/13? What other entries are needed? (Note - I had not been amortizing any financing costs on that asset - just learned about that this year).
Also, I am not mapping all my entries to tax accounts at the moment. My CPA (tbn) - will have a chance to sort/assign/correct things during tax prep.
-- Start with your last tax returns: take the amounts for property, capital improvements etc, depreciation and enter a journal entry.
-- Add your loans balances as of 12-31-2013
--Any money your borrowed or you invested
thanks @Gita. It needs to balance also, right? So should I also include an entry for owners equity to balance any gap? (Asset value + improvements = loan balance + accum. depreciation + owner equity)?
oops. That's @Gita Faust .
Depends on your entity - it would be an equity account or a loan.
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