Review Your Assets Before End Of Year

You should review your assest before the end of the year. Another key thing to visit with your accountant or tax preparer is your assets.

Before meeting with your accountant, look over your assets.

You want to make sure that this list is accurate.  If you have “junked” anything on the list, make a note beside it as “JUNKED”.

If you have sold something, your accountant will need the details of the sale.  Make sure you have the amount you sold it for, the date sold, and any other pertinent details.

If you donated an item to a charity.  You will need to know the value of the item at the time of donation, the date donated, as well as any other pertinent details.

If you had any theft or vandalizm, your accountant will need to know these details as well.  The date, the value of item, and how much insurance money did you collect.

All new purchases your accountant needs to know about.  The date, amount of purchase, and the description of item.

Once you have your assets corrected, visit with your accountant.  The sooner they are able to figure your depreciation, the sooner you are able to make the adjustment in your QuickBooks.

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