Accounting Talk Accounting Talk    FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in  Transfering Tools and Machinery          Accounting Talk Forum Index -> Quickbooks View previous topic :: View next topic   Author Message John Pippy Guest Posted: Tue Apr 03, 2007 4:06 am    Post subject: Transfering Tools and Machinery Hi, Situation: Contractor wants to transfer several of his tools and machinery to his business to enjoy the tax advantage. For the big items a fixed asset account and accumulated deprecation account has been set up. (how would the contractor get reimbursed for these items?) Second, there are also several small tools such as hammers, drills and saws. (all under a couple hundred dollars). What would be the best way to transfer these to the business? Thanks Back to top   Ads Advertising Sponsor Meyer1228 Guest Posted: Thu Apr 05, 2007 6:56 pm    Post subject: Re: Transfering Tools and Machinery What does his accountant say to do? "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:%%fQh.18697$PV3.193227@ursa-nb00s0.nbnet.nb.ca... Quote: Hi, Situation: Contractor wants to transfer several of his tools and machinery to his business to enjoy the tax advantage. For the big items a fixed asset account and accumulated deprecation account has been set up. (how would the contractor get reimbursed for these items?) Second, there are also several small tools such as hammers, drills and saws. (all under a couple hundred dollars). What would be the best way to transfer these to the business? Thanks Back to top   Ads Advertising Sponsor John Pippy Guest Posted: Fri Apr 06, 2007 2:43 am    Post subject: Re: Transfering Tools and Machinery Accountant does not have a clue about Quickbooks. That is why in a Quickbooks forum I asked this question. "Meyer1228" <kathy@ecsnj.com> wrote in message news:9e7Rh.5395$jZ3.4200@trnddc06... Quote: What does his accountant say to do? "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:%%fQh.18697$PV3.193227@ursa-nb00s0.nbnet.nb.ca... Hi, Situation: Contractor wants to transfer several of his tools and machinery to his business to enjoy the tax advantage. For the big items a fixed asset account and accumulated deprecation account has been set up. (how would the contractor get reimbursed for these items?) Second, there are also several small tools such as hammers, drills and saws. (all under a couple hundred dollars). What would be the best way to transfer these to the business? Thanks Back to top   Ads Advertising Sponsor Laura Guest Posted: Fri Apr 06, 2007 2:55 am    Post subject: Re: Transfering Tools and Machinery The accountant might not know a thing about QB but he/she can direct you as to how to journalize it. Then you can translate that into QB terms with our help. "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:k4eRh.19828$PV3.205962@ursa-nb00s0.nbnet.nb.ca... Quote: Accountant does not have a clue about Quickbooks. That is why in a Quickbooks forum I asked this question. "Meyer1228" <kathy@ecsnj.com> wrote in message news:9e7Rh.5395$jZ3.4200@trnddc06... What does his accountant say to do? "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:%%fQh.18697$PV3.193227@ursa-nb00s0.nbnet.nb.ca... Hi, Situation: Contractor wants to transfer several of his tools and machinery to his business to enjoy the tax advantage. For the big items a fixed asset account and accumulated deprecation account has been set up. (how would the contractor get reimbursed for these items?) Second, there are also several small tools such as hammers, drills and saws. (all under a couple hundred dollars). What would be the best way to transfer these to the business? Thanks Back to top   Ads Advertising Sponsor Allan Martin Guest Posted: Fri Apr 06, 2007 6:28 am    Post subject: Re: Transfering Tools and Machinery "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:k4eRh.19828$PV3.205962@ursa-nb00s0.nbnet.nb.ca... Quote: Accountant does not have a clue about Quickbooks. That is why in a Quickbooks forum I asked this question. The answer is the same no matter what software you use. Quote: "Meyer1228" <kathy@ecsnj.com> wrote in message news:9e7Rh.5395$jZ3.4200@trnddc06... What does his accountant say to do? "John Pippy" <scraps(removemetorespond)@warp.nfld.net> wrote in message news:%%fQh.18697$PV3.193227@ursa-nb00s0.nbnet.nb.ca... Hi, Situation: Contractor wants to transfer several of his tools and machinery to his business to enjoy the tax advantage. For the big items a fixed asset account and accumulated deprecation account has been set up. (how would the contractor get reimbursed for these items?) Second, there are also several small tools such as hammers, drills and saws. (all under a couple hundred dollars). What would be the best way to transfer these to the business? 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