Assets

Hi @gatzke_admin, 

I'd be happy to point you in the right direction.

Generally speaking yes, How it's classified and with useful life it depends on the signage. For this reason, it's best to reach out to your accountant to make sure you use the appropriate type of asset, as they are trained on how to do this. If you don't have an accountant no need to worry, we can help. You can go to My Accountant>Find a pro to help to find an accountant in your area.

If you have any questions please feel free to reach out and let us know. We'd be happy to help.

Hi gatzke_admin,

Knowing how to record assets is a large part of record keeping. Carolineambrozio has provided some good advice. I want to share a couple of articles that explain how to set up the account and explain what the terms mean if you'd like to review them: 

• Set up an asset account in QuickBooks Online
• Learn common accounting terms

If you require any further assistance, reach back out. Have a magnificent evening!

Thank you for your help!  I have one more question.  Do I enter value with or without taxes? And do I put taxes in the chart of accounts under default tax code?

You're welcome, gatzke_admin. To keep accurate records, you need to track your sales tax, whether you've paid or collected them. QuickBooks Online has a powerful Sales Tax module with an up-to-date total, so you always know whether you can expect a refund or have a payment owing. Let me explain how QuickBooks handles sales tax.

This article goes into detail about how the module works: Learn how QuickBooks Online calculates sales tax. If you want to create default taxes, you can follow the steps in this article: Create subaccounts in your chart of accounts in QuickBooks Online. 

Let me know if there's anything else I can help you with. Take care.

Thank you Tammy_H,

What I was meaning was if I put the price of the fixed asset when I add it into chart of accounts before taxes as isn't that what it's really worth?

Thank you for all the links, I really appreciate it!

I can clarify which direction to take here, gatzke_admin. When it comes to knowing things like how to categorize signs and applicable taxes, it's best to work with an accountant. While the QuickBooks Team can share about how QuickBooks Online's features work and share articles about them, we can't offer advice of accounting practices, which is what you're getting into here. An accountant would best know if you should be including taxes or not when entering your sign as an asset and if it should even be considered an asset or entered as some other entry.

As carolineambrozio highlighted, the My Accountant tab in QuickBooks Online includes options to connect with an accountant. There, you can invite someone you're already working with as a user, which gives them the chance to work with you right in your books. If you don't have an accountant, you can use the tab's Find a pro to help button instead. This takes you to our list of QuickBooks-certified professionals near you.

I hope this helps clear things up.