asset checks


"asset checks"

S Corp: How to record purchase payments
Hi, The way to enter this is to create an asset account for the purchase of the company. And a loan payable account for the amount owed. Do not enter opening balances on these accounts. Assuming the entry would be made at the time of the first payment to the seller, you would use Write Checks, from the Banking drop down menu. Enter the check information and the amount paid. From the Account drop down list, select the asset account and under Amount, enter 40,000. On the second line, select the loan payable account and enter the balance of the loan minus the check amount as a negative number. This will enter the check, the purchase price of the company, and the balance of the loan. After the entry, see the Chart of Accounts and the Balance Sheet. I hope this helps. Valeri


Move current assets to income statement
How do I get QB to move journal entries from current assets through the income statement? I just purchased QB, and entered all the data for last year. When I looked at the balance sheet, I saw a lot of checks and deposits were hung up in the current asset account. They were not moved out and through the income statement. What do I need to do to get the program to move these 'current assets' out of current asset account and through the income statement?


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Over paid, need to adjust gross pay for taxes
What you can do is record the deposit of that check to an asset or liability account called something like "Employee Advances". Then, on a future paycheck, use a net addition item (where the tax tracking type is none) and a Deduction item setup as the tax tracking type "Compensation". Enter the same amount for both of these items. As long as the commission on that future check or checks is more than the compensation deduction, then you can issue the new checks, which will have reduced tax amounts.


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