Last August, I introduced you to the then-newly released Fixed Asset feature in QBO Advanced. Now, we want to look a little more closely at some of the details.
Accounting principles tell us that buildings, property, furniture, fixtures, machines, equipment, and vehicles are all fixed assets that should always be recorded at their original (book value) cost. And while the fair market value of some of these assets may increase over time, the cost basis principle precludes their value from increasing......