QB Issue Resolution:
The original purchase price is fine for the fixed asset – no adjustment necessary – you do not adjust for market value.
But, you should get with a tax accountant. Taking depreciation expense/accumulated depreciation each year is up to you, doing so reduces the taxable net income.
If you do not take depreciation expense/accumulated depreciation each year, then there is a problem when selling or disposing of the fixed asset. The IRS requires that you calculate the accumulated depreciation you should have taken in order to find gain or loss on fixed asset sales.
Get with the tax accountant, you can post back dated depreciation up to three years, then for each year affected you will file an amended IRS income tax filing. The added expense for each year will mean a refund for each year you amend.
If the fixed asset has been on the books more than the amended period of 3 years, you still need to get with the tax accountant to find out how to handle a fixed asset sale or disposition
Resolution for Issue 'Can I correct a fixed asset account where it shows the original 2009 vehicle purchase price and nothing else? The loan was entered under note payable and is satisfied.' available: Yes (Solved).
Source: Intuit Community forum.
Can I correct a fixed asset account where it shows the original 2009 vehicle purchase price and nothing else? The loan was entered under note payable and is satisfied.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for 2009 vehicle
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Error Recovery for 2009 vehicle [Canada]
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