I have a client that formed a partnership and now I need to move all his fixed assets to his Partnership. How do I do that?
Hi Debbie!
I'm under the assumption that you created a new file to deal with the partnership. If I am incorrect, let me know and I will adjust my answer!
To add the fixed assets, you will need to go to Setup > Capital Assets. Here you can add each individual asset that needs to be rolled into the partnership.
Once this is done, go to Setup > Chart of Accounts, and you can set the opening value of each class, based on the value of the capital assets rolled into the partnership.
Finally, you will go to Setup > CCA/Depreciation, and set the opening UCC for each class for depreciation purposes.
Let me know if you have any other questions. Thanks!