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R
Randy6
November 13, 2025
Question

Balance Sheet

  • November 13, 2025
  • 1 reply
  • 1 view

I am doing some bookkeeping for a client who has not filed taxes in 5 years.  I started the bookkeeping in Quickbooks.  I have no prior records other than these past five years.  His prior accountant is not able to help.  How do I put a business auto on the balance sheet if I have no purchase price?  All I have are monthly payments.

    1 reply

    C
    Candice14
    Level 8
    November 13, 2025

    Hey there, @Randy6. 

     

    Thanks for reaching out to the Community! 

     

    The monthly payments alone won't establish the asset's value on the balance sheet, as payments include both principal and interest. We recommend finding the original purchase price (cost of the asset) and the initial loan amount. You can contact the lender/finance company, they may have a copy of the bill of sale, or use fair market value as a last resort. 

     

    Please come back if you have any other questions or concerns. We want to make sure that you get this taken care of as soon as possible. 

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