Best Bookkeeping Services in Westerville, OH

Most fixed asset and depreciation tasks are common across companies of all types and sizes. Companies need to track assets for insurance and liability concerns whether or not the asset is depreciated or even owned by the organization. Accurate fixed asset listings are necessary to support the balance sheet and ensure the proper calculation of depreciation for book and tax purposes. Government contractors encounter unique issues when buying property for the government such as equipment for use on a specific contract. We'll cover all of these topics and more, including the proper recording of book depreciation for GAAP compliance. Learning Objectives 1. Describe the difference between book and tax depreciation 2. Explain the importance of recording book depreciation 3. Define expensed and capitalized items 4. Explain the process of fixed asset management 5. List fixed asset issues unique to government contractors...