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Big Ticket Purchases & Depreciation (2325/Level 1)

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This workshop has been thoughtfully prepared and recorded – and you can access it immediately. Upon purchase, you’ll receive immediate access to both the online recording and handouts.

Big Ticket Purchases & Depreciation:
Unique & Complex Transactions

Approximately 57 minutes:

  1. What are Fixed Assets, and how do you recognize them?
    • Typical cost and lifetime
    • How fixed asset purchases impact your Balance Sheet and Profit & Loss reports
    • Examples of fixed assets
    • What kinds of acquisitions are reflected in “Other Assets”?
    • Tax laws related to fixed assets and “other assets”
    • The most common question when it comes to big-ticket purchases…
  2. How to enter a straight-out purchase of a fixed (or ‘other’) asset
    • Creating a Fixed Asset Item
    • What to do when there are multiple purchases for a single asset
    • Why use Fixed Asset Items?
    • Possible drawbacks to using Fixed Asset Items
    • Alternative approaches
    • Other notes about Fixed Asset Items
  3. How to enter a Fixed Asset purchased via down payment and loan
    • Example – vehicle purchase
    • How to enter down-payments
    • How to enter current costs and loans payable
    • Getting the right paperwork – what to ask for
    • What do you – or your accountant – need in order to create an amortization schedule
  4. Making entries for trade-ins
  5. Selling or disposing of an existing Fixed Asset
  6. Why it’s important to keep Fixed Asset records current and accurate
  7. Acquiring land or other property for resale
    • Similarities to – and differences from – fixed asset purchases
    • What you need to have on hand in order to make the right entry
    • Example of entry for land or property purchased for resale 
  8. Depreciation and amortization concepts
    • How does fixed asset cost get recognized?
    • The difference between depreciation cost and accumulated depreciation
    •  Illustration of straight-line depreciation and accumulated depreciation
    • How the IRS impacts what you can take as depreciation cost each year
    • When should depreciation entries be made?
    • Note:  Supplementary info on depreciation entries included in
      Finalizing the Year, What Your Tax Preparer Needs, and Coordinating Results (4020/Level 2)  


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Covering topics like:
Job-Costing, Construction Accounting, and Profit-Building