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Malibu5
Level 3
posted
‎February 20, 2022 04:37 PM
last updated ‎February 19, 2022 9:37 PM

Is there any minimum amount for fixed assets

Company recently bought a Plant operating machine for $3000.

 

Does this need to be entered as a fixed asset,

Is there a minimum value in order to be entered as a  fixed assets at all.

 

would appreciate any help on this.

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Best answer February 20, 2022
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AileneA
Moderator
Moderator
‎February 20, 2022 06:01 PM

Is there any minimum amount for fixed assets

Howdy, Malibu5.  

 

In QBO, you can record equipment as a Fixed asset. For equipment, less than $2,500 as the IRS rule that you can expense it.  

 

To set up an asset, please follow these steps: 

 

  1. Select the Gear Icon at the top.
  2. Under Your Company, choose Chart of Accounts.
  3. On the top right, select New.
  4. Under the Account type, select either Fixed Asset.
  5. Select the detail type that best describes the asset, then click Next.
  6. Name the account.
  7. If you mark the Track depreciation of this asset box, the system will automatically create a Depreciation sub-account for the item.
  8. Fill in the original cost fields.
  9. Tap Save and Close.

 

For more information about this process, please refer to this article:  How do I set up an asset? 

 

However, If you are unsure on which option to choose, I'd suggest consulting your accountant for assistance. This is to ensure that your books are accurate. 

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one. Stay safe!

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2 Comments 2
AileneA
Moderator
Moderator
‎February 20, 2022 06:01 PM

Is there any minimum amount for fixed assets

Howdy, Malibu5.  

 

In QBO, you can record equipment as a Fixed asset. For equipment, less than $2,500 as the IRS rule that you can expense it.  

 

To set up an asset, please follow these steps: 

 

  1. Select the Gear Icon at the top.
  2. Under Your Company, choose Chart of Accounts.
  3. On the top right, select New.
  4. Under the Account type, select either Fixed Asset.
  5. Select the detail type that best describes the asset, then click Next.
  6. Name the account.
  7. If you mark the Track depreciation of this asset box, the system will automatically create a Depreciation sub-account for the item.
  8. Fill in the original cost fields.
  9. Tap Save and Close.

 

For more information about this process, please refer to this article:  How do I set up an asset? 

 

However, If you are unsure on which option to choose, I'd suggest consulting your accountant for assistance. This is to ensure that your books are accurate. 

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one. Stay safe!

Reply
Malibu5
Level 3
‎February 25, 2022 06:09 PM

Is there any minimum amount for fixed assets

Thankyou 

 

What is the asset rule in Australia does anyone know 

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