Fixed Assets and Depreciation Basics for QuickBooks Users

[@christinadavis6836]

Your amazing! Thank you for your simple, to the point, analogies for us to understand. I am currently enrolled in a university taking the certified bookkeeping course and I am struggling with the "mastering depreciation" module. I've hit a brick wall. Your video has helped me tremendously. Thank you!

[@HectorGarciaCPA]

Great

[@carolntodd]

I have watched a lot of videos/trainers. I really love your down to earth style that everyone can understand. I appreciate you!!

[@HectorGarciaCPA]

+Carolyn Williford :)

[@ronnieboyle7155]

Hector, I've always enjoyed your video presentations, excellent! My question is regarding a rental. I purchased a house in 2019 for 75,000 but only recorded 15,000 as the asset value on the books because I was only going to use 20% of house for business rental use. Did I do this right? In 2022 I increased the business use of the house to 40%. Should I increase the asset value on the books in order to support the increased business use? I'm apply the 40% in my tax program so it will take 40% x 75,000 to get a depreciable basis of 30,000 (depr exp is now double).

[@billjuss5331]

Hector G, CPA Your KZbin is FANNNNNNNNNNNNNN.........TASTIC!!!!!!!!!!! Never thought I'd get this excited about seeing an accounting lesson that offers excellent clarification on Depreciation and its' mechanical workings -- you brought it into real life for me. A question: If you take Sec 179, can you also take depreciation? Please advise.

[@rolexydealba9558]

Hola Hector muy buenos tus videos ayudan mucho a entender pequenos detalles que son muy importantes, me han ayudado mucho con mis conocimientos de quickbooks, son de mucha ayuda y espero que sigas ayudandonos mucho mas. Hi Hector, your videos are so good for all us because those videos help us a lot to understand some details that are so important, those helped to me to improve my QB's knowledge, I hope you continue helping us. regards

[@HectorGarciaCPA]

thnaks.. I am glad they are helpful... Gracias hermano

[@doykme]

The rental properties . Is 27 1/2 years?

[@HectorGarciaCPA]

Residential rental, Yes

[@doykme]

@@HectorGarciaCPA thank you!!

[@iankarlkibettkipruto3445]

can we have access to the ppt

[@HectorGarciaCPA]

That ppt is long gone :(

[@billjuss5331]

If you have an asset used in Business, and you never took depreciation or Sec 179, can you eventually set up on depreciation schedule years after using it for business?

[@HectorGarciaCPA]

+Bill Juss yes.. once it is officially under business use, you can start depreciating it

[@billjuss5331]

Thank You Bill, Your extremely gifted teacher... Thank you Soooooooo.....much for sharing your talent with us.

[@HectorGarciaCPA]

Bill Juss :)

[@billjuss5331]

Thanks Hector

[@rukhone1]

Hecter I am impressed, you are doing great job for Quickbooks though not compensated by QB, I have a question, when we depriciate an asset it decreases value of asset in books, QB, 2018, I want to keep value same as purchased and when I dispose off asset then I want to Debit accumulated Depriciation and credit my main asset, thats what we were doing earlier to show companys financial position, Can you explain??

[@HectorGarciaCPA]

Rukhsana Tanwir explain what? You are describing it perfectly

[@rukhone1]

Thanks for response Hector, I depriciated asset, every thing working perfect, but for company's financial strenth I want my asset value same until the end of its life time, at that time I will debit Acccumulated depriciation and credit my actual asset account to dispose off asset, I am working in 2018 contractor's Premier edition, and as I depriciate that perticular asset, it effects my main asset account as well, am I missing something?

[@rukhone1]

As I depriciate that perticular asset it decreases the value of that perticular asset means decreases book valuse of that asset, If I show my financial statements to bank for loan it will show less value of my assets

[@HectorGarciaCPA]

Rukhsana Tanwir that is how it’s supposed to function

[@rukhone1]

Hector Garcia CPA I have already watched that video, it doesn't answer my question, My question is that " When we depriciate assets it should go to accumulated depriciation and depriciation expense , it should not effect the original cost of asset until end of that assets life , when we debit accumulated depriciation and credit original asset (to keep it simple I am not considering what value we have at end of assets life cycle) Please answer that portion of my question, as QuickBooks is effecting my original assets value when I book depriciation expense monthly , is that the right thing to do or am I doing it wrong, I am using item to book cost of that asset, sorry bothering you too much, one more thing we use GAAP rules here in Canada