Annual adjustments in value to reflect www.nadaguides.com, entered as an
expense categorized as transportation. You can categorize it however you
choose.

I believe GAAP requires not revising the actual asset account, but creating
a contra-asset account and expensing that. Management reports then include
both asset and contra-asset, which balances out to net value. That's because
assets generally must be reported at cost until gains or losses are
realized. You don't realize the gain or loss until you actually dispose of
the asset. In the meantime, the contra-asset account reflects the difference
while maintaining the book value.

That's a bit anal for my purposes. Even too anal for me.
--
Chris Cowles
Gainesville, FL


"Richard Forester" <richard_forester[at]msn.com> wrote in message
news:4264abe0$1_2[at]127.0.0.1...
- quote -

I have an asset account for my car so I can weigh it against money I
borrowed to finance it. Over time the car will, of course, depreciate and I
was wondering how others are accounting for this. Your input is greatly
appreciated.

Thanks,
Richard