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DA Quality Lawn & YS
12-15-2011, 01:25 PM
Have been rummaging thru the program (I formerly did my accounting manually), and it seems pretty complex. I got the program mainly to simplify my P&L work for me, streamlining expensing and income. I see it also handles, and it should, balance sheet entries. My question is this - do I have to utilize the Balance sheet portion of the program? I don't really want to right now. I am a small solo at this point, can tell you in 10 seconds what my equipment is worth, don't have any business debt, know in 10 seconds what my A/R and A/P is, etc. In other words I don't have any use for a balance sheet right now as I don't need a financial litmus test I know where I stand. Any input is appreciated.

Also, regarding equipment purchases (which I generally 179 expense), how are these itemized in Quickbooks?

Thx

t608
12-15-2011, 03:06 PM
I just use the profit and loss report at the end of the year. I never used the balance sheets. As for equipment. I just have a category setup for it so my account see's it in the profit and loss statement.

DA Quality Lawn & YS
12-15-2011, 03:29 PM
I just use the profit and loss report at the end of the year. I never used the balance sheets. As for equipment. I just have a category setup for it so my account see's it in the profit and loss statement.

That is what I was thinking....so something like 'Equipment' or 'Depreciable Equipment' in the expense side?

I can see where the bal sheet may come in handy when you get larger, hire on employees, and want to apply for a loan, the bank would want this. Also, if you ever sell, to value out your business.

t608
12-15-2011, 06:25 PM
Yes i just put it under expense.