QuickBooks 2008 Solutions Guide for Business Owners and Accountants

Chapter 9Handling Current Asset Accounts Correctly

• Defining an Other Current Asset

• Reviewing and Troubleshooting the Other Current Asset Accounts

• Troubleshooting and Creating Unique Other Current Asset Account Transactions

• Other Current Asset Accounts Checklist

Defining an Other Current Asset

The Other Current Asset section on the Balance Sheet includes the value of noncash assets that are typically due within one year (see Figure 9.1). This section is appropriate for recording prepaid expenses and cash advances to employees. This section differs in purpose from the Fixed Asset section, which tracks the cost and depreciation of the land, equipment, and buildings your business owns (not rents) in the production of the service ...