How can I get "fixed asset" to be available as an account type when setting up my chart of accounts?
QuickBooks Online is designed with customization options in mind, so that you can easily mold the program to fit your business needs. Fixed assets are are purchased for long-term use and aren't typically converted quickly into cash, such as land, buildings, and equipment. Setting up a fixed asset account in QBO is simple and straightforward. I'd be happy to walk you through the steps.
Here's how to set up a fixed asset account in the Chart of Accounts:
1. Click the Accounting tab on the left navigation menu.
2. Select Chart of Accounts.
3. Select New.
4. In the Account Type menu, select Property, plant and equipment (this is the selection that will allow for amortization, or you can simply select Other Fixed Assets).
5. Select the appropriate detail type from the drop-down menu.
6. Name the account based on what type of fixed assets you're tracking.