Software: MoneyWorks accounting software An Office Equipment which has a cost of $2,250.00 and accumulated depreciation of $1,500.00 as of your Balance Sheet report; then you sell off this asset at $500.00 before GST. Balance Sheet Office Equipment: 2,250.00 Accumulated Dep – Office Equipment. (1,500.00) To record the disposal of fixed asset in MoneyWorks, first […]

Software: MoneyWorks accounting software MoneyWorks is accounting software. It does not have a built in Fixed Asset module, which tracks the purchase and allocation of asset, neither it has a depreciation calculator that tracks the monthly or yearly depreciation of its useful life. The workaround method that you may consider using to track the purchases […]

In business, we do dispose of Fixed Assets after it usable life. In QuickBooks, how are we going to record this transaction? Example 1: Acquisition cost of a Conference Table (Under Furniture & Fitting) is $3,000.00. The depreciation method used for Furniture & Fitting is a straight line method; with 3 years of usable life. […]