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3 Ways To Dispose of an Asset
There are 3 ways to dispose of or liquidate an asset on your books: Sell it Trade it Write it off Selling an Asset When you sell an asset you receive consideration (usually money) for it. This means...
View ArticleQuickBooks Tutorial – What Happens When My Customer Pays My Vendor?
When does this come up / why would my customer pay my vendor? More often than I would expect, I am asked about how to account in QuickBooks for the situation where a company’s customer pays its vendor...
View ArticleQuickBooks Help – How To Record Prepaid Expenses
When should you record the expense when you’ve paid for a whole year up front? The problem with booking an entire year’s expense when paid is that you are in violation of one of the basic principle of...
View ArticleHow To Record an Owner Financed Sale Of An Asset in QuickBooks
I’ll gladly pay you Tuesday for an asset today! When you sell an asset and finance it we call it an “owner financed sale of an asset”. Rocket Science this is not! Broken down in slightly simpler...
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