The Most Common qb tool hub Debate Isn't as Black and White as You Might Think
I. Definition of a Fixed Asset
Using the acronym T.I.M.E. we can define a fixed asset pretty easily. A Fixed Asset is Tangible. It is real property, you can touch it. Items like goodwill are intangible. Goodwill is the amount a person would pay over the actual value of a business because of it's good reputation, location or name. There is no definitive amount that can be assigned to the goodwill category in any transaction as it is a subjective value.
A Fixed Asset is Inventory NOT!. Okay there's a little bit of license taken with this one, but otherwise, the acronym doesn't work. Inventory is not a fixed asset and should never be considered as such. Inventory is part of the Cost of Goods Sold account.
A Fixed Asset is Material in value. I had a client at one point that tried to depreciate a $300 software package for ten years. If the asset is under $500, put it in as an expense not a fixed asset. If it is over $1000 it should be depreciated. Amounts in between can arguably go either way depending on the asset itself. Ask your tax professional for the best advice.
A Fixed Asset's Estimated Life Span is greater than 1 year. In other words, printers, computers, vehicles, buildings all last longer than one year (unless it's a Ford) okay that was a joke. If the asset isn't expected to last longer than one year, it is not a fixed asset.
II. Fixed Asset Cost
Go to the List menu and click on the Chart of Accounts to open it. Hit CTRL and N for a new account and select fixed asset. Ideally this is done in the year of purchase when entering into Quickbooks, if it is not, then click on the opening balance and enter the cost of the fixed asset at the time of the purchase.
I find it helpful to actually create one fixed asset account for the item and to enter the cost and other information in a sub-account under that item to help keep track of everything in a more orderly way, which helps if you have more than one fixed asset. It is important to use the total amount of the cost, not the amount financed as the depreciation is based on total cost, we will deal with the amount actually owed later in this article.
III. Fixed Asset Accumulated Depreciation
Vehicles can be depreciated from 5 years of the date of purchase. Computers and certain tools can be depreciated over 3 years as they do not tend to last for 5. Buildings can be depreciated over a period of 27.5 years. The different kinds of depreciation include straight line, double declining balance, etc and they would be a subject of a new article. (Depreciation versus Section 179 - coming soon)
Create another Fixed Asset account, again in a sub-account under the item and name it as below:
Vehicle
Vehicle Cost
Vehicle Accumulated Depreciation
If the description of the item is too long, Quickbooks will abbreviate it for you, just make sure you understand what it is for, Vehicle - Acc. Dep would work just as well. Accumulated Depreciation is entered as a negative figure that reduces the value of the item being depreciated. With vehicles you have to calculate what the value of that vehicle would be in 5 years, you can use to find a 5 year old vehicle of similar make and model and use that figure.
In other words, if your $20000 vehicle will be worth $5000 in five years, you depreciated the difference of $15000 over that five year period which would be $3000 of accumulated depreciation per year. (or $250 a month if you want pinpoint accuracy during the year. It is best to use the registers to enter Accumulated Depreciation, no payee is necessary as this is not a monetary transaction here, you are just removing the value of the fixed asset and assigning it to an account. Which account?
IV. Depreciation Expense
The account you use to assign to the accumulated depreciation is the depreciation expense account. And again, I find it helpful to have Depreciation Expense be the parent or main account and create a sub-account for each fixed asset you are depreciating so you can keep track of each fixed asset's useful life and the amounts being depreciated. This will help you keep a good eye on fixed assets that you will need to replace soon.
V. Fixed Assets and the Loans That quick books tool hub Go With Them
Most business owners do not have the capital to pay cash for their fixed assets, and in a lot of cases it is not to their advantage to do so. So how do you handle the loan? Return to the chart of accounts and hit CTRL N to create a new account which will be a Long Term Liability account. Enter the amount still owed as your opening balance and your as of date. Still using the Vehicle example, it would be:
Vehicles
Vehicle Loan - 20000
Enter a bill for the payment amount when you receive it. And check for the breakdown of what interest you are paying versus what is actually going to the principle of the loan. Apply the principle amount to the Vehicle Loan account on the check or bill and if you have not created an interest account, then do so. Break it down for each item or fixed asset you are paying interest on. This would not be where to put Credit Card Interest, make sure that it's in a separate category.
Interest Expense 2338
Vehicle Interest 350
Equipment Interest 888
Building Interest 1100
Credit Card Interest 430
Each time you issue a check, the principle amount should be deducted from what you owe on the vehicle and the statements you are sent should reconcile nicely.
Just a note for those who are financing a car through a credit card company, make sure that you are not recording it as a credit card payment, make sure that the fixed asset information is entered and accurate otherwise you could be losing the advantage of depreciation expense being deducted from your taxable income. And keep an eye on those fees from credit card financiers as they tend to fluctuate wildly in everything from interest paid to fees they charge you for the privilege of paying them over the phone or online. This is money not going toward paying off the vehicle and is more of a detriment to your financial picture than it is an advantage.
A number of these companies have been guilty of adding unnecessary fees to make repayment of the loan extremely expensive. One company in particular has a payment office in Miami and one in San Diego. Where does a customer in Miami have to mail his payment to? San Diego. Why? Because there is a greater chance of being able to charge you a late fee, even if the payment is mailed on time. They are predators, so beware!
You may think that the title of this article sounds too good to be true - but it's 100% serious. You are about to discover exactly how to make your woman beg you for anal sex.
If you want to do your woman 'up the back door' but she isn't currently too happy about the idea, here is how to make her want anal sex.
Most guys approach the issue of anal sex with their woman totally the wrong way. Here are a few examples of common methods that men use to try to get their woman to have anal sex with them.
If you are currently using any of the following ideas, stop it straight away:
Mistake #1: They try to persuade their woman to have anal sex with them by using logical arguments. For a woman sex is virtually 100% emotional. Therefore, logical arguments are a total waste of time.
Mistake #2: Some men just try to 'slip it in the back door' when they are making love to them and hope their woman just lets them carry on with it. This is a terrible idea and one that you must avoid because it will probably hurt your woman and this could turn her off the idea of anal sex for a very long time.
Worse still, it may break the sexual trust that you have with your woman. And when you lose that all important trust, you can say goodbye to your woman doing the really dirty, naughty stuff (like 'back door action') with you.
So now that you know how not to try to get your woman to have anal sex with you, I can share the secret of how to make your woman beg you for anal sex.
Pay attention, this is going to be fun...
For starters, stop viewing anal sex as something that you need to 'win' from your woman and something that at best she'll tolerate in order to allow you to have a good time. There isn't a real man on the planet who thinks like that.
Instead, adopt the belief that you are going to cause your woman to link massive amounts of pleasure to anal sex.
That is the most important step, so I'll repeat it - you are going to cause your woman to link massive amounts of pleasure to anal sex.
And they way you do this is in very small steps.
You cannot expect her to go from having never had anything up her butt, to taking your whole 'tool' all in one night.
It ain't gonna happen.
No, no, no - your game plan for back door action has to be much cleverer than that. But don't worry; I have already got the game plan for you, so all you have to do it put it into action...
The 5 Step Plan To Make Your Woman Beg You For Anal Sex
- Step 1: Use your tongue to give your woman oral pleasure, wait until she is just about to come and then gently rub her asshole with your finger. Keep rubbing it as she comes and you have started the process of getting her to link pleasure to her ass.
- Step 2: Do the same as step one, but this time insert the tip of your finger into her butt as she is about to come and carry on doing it during her orgasm.
- Step 3: Repeat the process again, this time inserting much more of your finger (all of it if possible), into her 'back door' as she gets on the verge of orgasm and during her orgasm
- Step 4: Get a butt plug (start with a small one) and get her used to taking this up her ass. Be sure to insert the butt plug as she is about to come and during her orgasm. This way she links massive pleasure to her ass being touched by you
- Step 5: Get your woman extremely turned on and wet. Give her a clitoral orgasm (with anal fingering) and then give her a deep spot orgasm. Next, bring out the lube and attempt to put your tool in her back door (use the doggy style position).
Chances are that she'll help you get inside her and totally enjoy the process. If she struggles to take you, repeat steps 3 and 4 and then retry step 5. Sooner or later she will beg you to take her in her butt.
I'm the first to admit that this process is not set in stone.
You have to be flexible in your approach. But this IS the way to do it if you want your woman to absolutely LOVE it when you take her in the butt.
After-all, do you really want her to just oblige you because you begged for it, OR do you want to expertly and patiently make her crave back door action?
If you want to make her crave it, use this 5 step process and be ready to repeat certain steps if need be. At the end of the day, it's all good fun!
Let me know how you get on.