Subaccounts on Fixed Assets

JKMatsko · ‎March 24, 2025

I am trying to figure out why my Fixed Asset subaccounts come up on my balance sheet different from the set up. example:

Account		Type
ON CHART OF ACCOUNTS
Auto, Hvy Equip, Trailer, Other		Fixed Asset
Auto		Fixed Asset
2007 Chev Silverado Truck LS Ex		Fixed Asset
Acc. Dep. - 2007 Chev Silverado		Fixed Asset

ON BALANCE SHEET

Auto, Hvy Equip, Trailer, Other

Auto

2007 Chev Silverado Truck LS Ex

Acc. Dep. - 2007 Chev Silverado

2007 Chev Silverado Truck LS Ex - Other

The vehicle is subaccount of "Auto" and the Depreciation is a subaccount of the vehicle.

But on the balance sheet the vehicle shows under the Depreciation account and shows as "other" after its name.

I googled the question and AI says I have entered the information correctly in QB and gives me a list of checks to look at but as far as I can see, I have entered the set up correctly. It's become a pain because I have to pull the balance sheet into excel and make all the corrects and I have a long list a vehicle, heavy equipment and trailers held by this company.

Thank you for any help on this matter.

JanbonN

We appreciate the confirmation about your setup, JKMatsko. Allow me to provide further details and a way to fix this.

The "other" label appearing after the "2007 Chev Silverado Truck LS Ex" account on your Balance Sheet is because you categorized it as a Fixed Asset under the sub-account of Auto Vehicle, rather than under an expense account. According to accounting principles, a Depreciation account should be categorized as an Expense Type.

To fix this, you'll need to perform the following steps:

Create a journal entry (JE) to transfer the funds from the depreciation account back to the parent account.
Create a new depreciation account set as an Expense Type.
Move the funds from the asset account to the newly created expense account.

Additionally, I'm adding this article again about memorizing your report in QBDT: Create, access and modify memorized reports.

Please return to this thread if you have other questions about your chart of accounts and reports in QBDT, JKMatsko. We're here to help you in any way we can.

View solution in original post

FaithA

Hi, JKMatsko. I appreciate you for posting in the Community. To resolve the issue where your vehicle is incorrectly showing under the Depreciation account and labeled as "Other" on the Balance Sheet, you'll need to examine the transactions and ensure the accounts are categorized correctly. Let me explain more.

First, let's drill down on the transactions. In your Balance Sheet, locate the account that displays "Other" in the name and the vehicle under the Depreciation account. Double-click on this account to view the transactions and amounts recorded under it. Then, carefully review these transactions to ensure they are correctly categorized and assigned to the subaccounts as per your Chart of Accounts (COA) setup.

After this, we can review your account details. Follow the steps below:

Go to Lists in the top menu, then select Chart of Accounts.
Find and click on the account labeled "Auto".
Verify that the vehicle "2007 Chev Silverado Truck LS Ex" is listed as a subaccount under "Auto".
Next, find and click on the vehicle account "2007 Chev Silverado Truck LS Ex".
Ensure that the depreciation account "Acc. Dep. - 2007 Chev Silverado" is listed as a subaccount under the respective vehicle.
If there are inconsistencies, right-click the miscategorized account, select Edit Account, and correct the parent account to match your intended hierarchy.

Next, Run the Balance Sheet again to check if the vehicle and its depreciation are now correctly displayed under their respective accounts.

Finally, to ensure all steps are correctly implemented and to resolve any remaining issues, I recommend consulting with your accountant. If you don't have an accountant, you can find one in your area in QuickBooks by searching the ProAdvisor site. They can provide the expertise needed to ensure your account setup and transactions are accurately recorded and reflected on your financial statements.

You can also refer to this article for additional guidance: Customize company and financial reports.

For future reference, if you want the same settings of the customized report to be available for future use, you can memorize them. Learn more through this article: Create, access and modify memorized reports.

Please feel welcome to reply to this thread if you have further queries with your subaccounts reflecting on your balance sheet. The Community team will be ready to loop back to assist you. Take care.

JKMatsko

I have everything set up correctly but the asset vehicle stills shows up on the balance sheet under the Depreciation as "other". On the chart of accounts all the asset vehicles and associated depreciation accounts show correctly. Working at other companies with older QB this didn't happen.

JanbonN

We appreciate the confirmation about your setup, JKMatsko. Allow me to provide further details and a way to fix this.

The "other" label appearing after the "2007 Chev Silverado Truck LS Ex" account on your Balance Sheet is because you categorized it as a Fixed Asset under the sub-account of Auto Vehicle, rather than under an expense account. According to accounting principles, a Depreciation account should be categorized as an Expense Type.

To fix this, you'll need to perform the following steps:

Create a journal entry (JE) to transfer the funds from the depreciation account back to the parent account.
Create a new depreciation account set as an Expense Type.
Move the funds from the asset account to the newly created expense account.

Additionally, I'm adding this article again about memorizing your report in QBDT: Create, access and modify memorized reports.

Please return to this thread if you have other questions about your chart of accounts and reports in QBDT, JKMatsko. We're here to help you in any way we can.

JKMatsko

I do have a Depreciation Expense account.

The year end entry would be:

(DR) Depreciation Expense

(CR) Accrued Depreciation

The accrued depreciation under the vehicle shows the book value of the vehicle.

I've done this on older versions of QBDT and never had this issue. Not sure why this is happening on this new version. When I generate the balance sheet report, I will just have to export to Excel and make all the adjustments before submitting to the Board.

Thank you

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