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
What does his accountant say to do?
Accountant does not have a clue about Quickbooks. That is why in a Quickbooks forum I asked this question.
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.
The answer is the same no matter what software you use.
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