QuickBooks Home Finance Unrecorded Assets And Liabilities
This learn QuickBooks for home finance training tutorial, you will learn how to record unrecorded assets and liabilities of an individual, family or estate. Of course, there are fixed assets and long term liabilities that a person had before they started using QuickBooks desktop for thie home finances. When you record these in to your non-business personal records, your net personal worth will change for each asset or liability that you added to your books and records. When adding an asset, your non-business net worth will increase, when adding a liability, your net worth decreases. You record adding both of theses with an adjusting journal entry in the journal entry window. Debit the asset, credit net worth, credit the liability, debit net worth. This is the opening balance adjusting journal entry. Assets must be recorded at historical cost. This means no matter when or how you purchased the asset, you must record what you paid for it. Only in the case where you do not know what you paid, would you use the prevailing asset market value at the moment you record the journal entry. The date can be the start date of the QuickBooks home finance records.
This QuickBooks training course within this play list, will show you how to completely manage every aspect of your personal home finances using the Desktop version of QuickBooks. It really is better than Quicken, or any other software in regard to keeping records of non-business home finances. These easy, step-by-step QuickBooks training lessons show you how to handle area of finances that individuals, families, trust or estates would need to keep financial records for. This easy and fun little QuickBooks course will give you the ability to evaluate your financial position and understand how well you are doing over any period of time. You can even compare how well you did for specific time periods. There are several of features in QuickBooks that will make personal financial management work perfectly for you by using QuickBooks desktop.
I'm right here for you if you have any questions or need support. You can leave your questions in the comment section and I will do my best for you. I hope you learn well and enjoy the course!
-Mark
The entire playlist for QuickBooks Home Finance is here:
• QuickBooks Home Finance - Why Not Quicken?...
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