The quick read
Key points
- List each asset and source.
- Gather prior schedules and changes in use.
- Reconcile the reviewed schedule.
Build the asset inventory
List each property-related asset with its description, location and source documents. Distinguish a building, land record and separately tracked equipment in your preparation file. Ask the reviewer to resolve uncertain allocations rather than treating every purchase as the same kind of asset.
Record the dates and history
Gather acquisition, availability and disposal dates, prior depreciation schedules and recorded adjustments. Keep the reason for any change in use. A payment date alone may not supply the date needed for the accountant’s calculation.
Reconcile the schedule to the books
Compare cost, recorded depreciation and book value with the relevant account balances. Explain differences before importing another opening amount or posting an adjustment. Preserve prior schedules so a later reviewer can trace how the current figure was reached.
Separate preparation from tax decisions
Have a qualified reviewer determine the applicable methods, periods and elections. IQ’s asset records and schedules do not make those decisions for you. Keep the approved instructions with the entries; this is not tax advice.
Before you finish
- List each asset and source.
- Gather prior schedules and changes in use.
- Reconcile the reviewed schedule.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.