Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
C
communityveterin
New Member
March 31, 2021
Question

Trying to enter opening balance for fixed assets but it is not giving me a drop down field to enter amount or start date?

  • March 31, 2021
  • 1 reply
  • 41 views
I am going through Accounts/Chart of Accounts, selecting the account and entering edit?

1 reply

D
DebSheenD
Level 5
March 31, 2021

Hi, communityveterin.

Thank you for posting here in the Community. I appreciate your time in utilizing our tools.

There is an option that you can enter the start date and amount.

Here's how:
 

  1. Go to Settings ⚙, then select Chart of Accounts.
  2. Select New.
  3. From the Account Type ▼ dropdown, select Fixed Assets.
  4. From the Detail Type ▼ dropdown, select the option that closely describes the asset.
  5. Name the account, then select the Track depreciation of this asset checkbox.
  6. Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
  7. When you're done, select Save and Close.


I've also added this article that will help you enter an opening balance for an account in QuickBooks Online.

Post your response below for more questions about opening balance or fixed asset. I'll be here to answer them. Have a nice day!
 

D
donnas12501
April 6, 2021

I made an error when I entered the Original Cost in Fixed Assets. How do I correct the error?

R
Ryan_MModerator
Moderator
April 6, 2021

Hi @donnas12501,

 

You'll need to take a few steps to resolve this issue you stated above. It requires opening the account from your Chart of Accounts and changing the opening balance from there.

 

Here's how:

 

  1. Go to the Accounting tab. 
  2. Search for the fixed asset account in question, then tap View register.
  3. Click the Journal entry that shows the incorrect opening balance, then type in the correct amount.
  4. Hit Save. A popup window will appear, press Yes.

If you have other questions about accounts in your Chart of Accounts, see this article: Manage default and special accounts in your chart of accounts. You'll see a list of default accounts that you can delete or merge, along with the steps on how to do it. 

 

Tag me in a post below if you have other questions about your Chart of Accounts in QuickBooks Online, and I'll get back to you as soon as I can. 

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.
Terms & ConditionsAccessibility statement