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Handling Depreciation of equipment in contract service

  
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Gary H. Lucas

External


Since: Dec 16, 2007
Posts: 3



(Msg. 1) Posted: Thu Jan 17, 2008 9:01 pm
Post subject: Handling Depreciation of equipment in contract service
Archived from groups: alt>comp>software>financial>quickbooks (more info?)
We build waste water treatment systems. Some jobs are contract service, we
retain ownership of the equipment and bill by the gallon. We need to
depreciate the equipment over a number of years. It has been suggested that
we create an assembly item for the different pieces of equipment, and
depreciate that. Some equipment like tanks are bought specifically for the
job and are not inventory items. What might be the best way to do this?
Can we put non-inventory items into an assembly to avoid the problem?

Thanks,

Gary H. Lucas

 >> Stay informed about: Handling Depreciation of equipment in contract service 
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Allan Martin

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Since: Dec 16, 2007
Posts: 71



(Msg. 2) Posted: Fri Jan 18, 2008 1:56 am
Post subject: Re: Handling Depreciation of equipment in contract service [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
"Gary H. Lucas" <gary.lucas RemoveThis @verizon.net> wrote in message
news:YISjj.15351$na4.4270@trnddc05...
> We build waste water treatment systems. Some jobs are contract service,
> we retain ownership of the equipment and bill by the gallon. We need to
> depreciate the equipment over a number of years. It has been suggested
> that we create an assembly item for the different pieces of equipment, and
> depreciate that. Some equipment like tanks are bought specifically for
> the job and are not inventory items. What might be the best way to do
> this? Can we put non-inventory items into an assembly to avoid the
> problem?

No, but what you should do is call your accountant and get some
professional advice.



>
> Thanks,
>
> Gary H. Lucas
>

 >> Stay informed about: Handling Depreciation of equipment in contract service 
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Gary H. Lucas

External


Since: Dec 16, 2007
Posts: 3



(Msg. 3) Posted: Fri Jan 18, 2008 11:00 pm
Post subject: Re: Handling Depreciation of equipment in contract service [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
"Allan Martin" <Allan.TakeThisOut@Badboy.com> wrote in message
news:4790075c$0$9165$607ed4bc@cv.net...
>
> "Gary H. Lucas" <gary.lucas.TakeThisOut@verizon.net> wrote in message
> news:YISjj.15351$na4.4270@trnddc05...
>> We build waste water treatment systems. Some jobs are contract service,
>> we retain ownership of the equipment and bill by the gallon. We need to
>> depreciate the equipment over a number of years. It has been suggested
>> that we create an assembly item for the different pieces of equipment,
>> and depreciate that. Some equipment like tanks are bought specifically
>> for the job and are not inventory items. What might be the best way to
>> do this? Can we put non-inventory items into an assembly to avoid the
>> problem?
>
> No, but what you should do is call your accountant and get some
> professional advice.
>
>
>
>>
>> Thanks,
>>
>> Gary H. Lucas
>>

The accountants brought this issue to our attention. We are trying to
figure out how to solve it in QuickBooks.

Gary H. Lucas
 >> Stay informed about: Handling Depreciation of equipment in contract service 
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Allan Martin

External


Since: Dec 16, 2007
Posts: 71



(Msg. 4) Posted: Sat Jan 19, 2008 10:14 am
Post subject: Re: Handling Depreciation of equipment in contract service [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
"Gary H. Lucas" <gary.lucas DeleteThis @verizon.net> wrote in message
news:BWdkj.395$Yl.197@trnddc01...
>
> "Allan Martin" <Allan DeleteThis @Badboy.com> wrote in message
> news:4790075c$0$9165$607ed4bc@cv.net...
>>
>> "Gary H. Lucas" <gary.lucas DeleteThis @verizon.net> wrote in message
>> news:YISjj.15351$na4.4270@trnddc05...
>>> We build waste water treatment systems. Some jobs are contract service,
>>> we retain ownership of the equipment and bill by the gallon. We need to
>>> depreciate the equipment over a number of years. It has been suggested
>>> that we create an assembly item for the different pieces of equipment,
>>> and depreciate that. Some equipment like tanks are bought specifically
>>> for the job and are not inventory items. What might be the best way to
>>> do this? Can we put non-inventory items into an assembly to avoid the
>>> problem?
>>
>> No, but what you should do is call your accountant and get some
>> professional advice.
>>
>>
>>
>>>
>>> Thanks,
>>>
>>> Gary H. Lucas
>>>
>
> The accountants brought this issue to our attention. We are trying to
> figure out how to solve it in QuickBooks.

Well you need more professioanal advice other than "you can't expense
systems that you build and retain ownership in, you must depreciate them".
Ask you accountant about making journal entires.



>
> Gary H. Lucas
>
 >> Stay informed about: Handling Depreciation of equipment in contract service 
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Laura

External


Since: Feb 25, 2005
Posts: 179



(Msg. 5) Posted: Sat Jan 19, 2008 2:01 pm
Post subject: Re: Handling Depreciation of equipment in contract service [Login to view extended thread Info.]
Archived from groups: per prev. post (more info?)
"Allan Martin" <Allan.TakeThisOut@Badboy.com> wrote in message
news:479213df$0$11541$607ed4bc@cv.net...
>
> "Gary H. Lucas" <gary.lucas.TakeThisOut@verizon.net> wrote in message
> news:BWdkj.395$Yl.197@trnddc01...
>>
>> "Allan Martin" <Allan.TakeThisOut@Badboy.com> wrote in message
>> news:4790075c$0$9165$607ed4bc@cv.net...
>>>
>>> "Gary H. Lucas" <gary.lucas.TakeThisOut@verizon.net> wrote in message
>>> news:YISjj.15351$na4.4270@trnddc05...
>>>> We build waste water treatment systems. Some jobs are contract
>>>> service, we retain ownership of the equipment and bill by the gallon.
>>>> We need to depreciate the equipment over a number of years. It has
>>>> been suggested that we create an assembly item for the different pieces
>>>> of equipment, and depreciate that. Some equipment like tanks are
>>>> bought specifically for the job and are not inventory items. What
>>>> might be the best way to do this? Can we put non-inventory items into
>>>> an assembly to avoid the problem?
>>>
>>> No, but what you should do is call your accountant and get some
>>> professional advice.
>>>
>>>
>>>
>>>>
>>>> Thanks,
>>>>
>>>> Gary H. Lucas
>>>>
>>
>> The accountants brought this issue to our attention. We are trying to
>> figure out how to solve it in QuickBooks.
>
> Well you need more professioanal advice other than "you can't expense
> systems that you build and retain ownership in, you must depreciate them".
> Ask you accountant about making journal entires.

I agree. When your accountant does how to do something in QB ask him/her to
provide you with the appropriate entry in journal entry format. Then you
should be able to figure it out in quickbooks.
 >> Stay informed about: Handling Depreciation of equipment in contract service 
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