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Anonymous
Not applicable

Creating a new asset

Hi, I hope someone can help on this one? We purchase a new piece of equipment last year which was paid for as a regular expense, but on reflection probably should be an asset so that it can be depreciated over time (it was a mower). How do I go about setting this up as a new asset and transferring the purchase transaction ( a back transfer to the supplier) to the asset and not left as an expense? Thanks Chris
Solved
Best answer July 18, 2019

Accepted Solutions
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Moderator

Creating a new asset

Hello, ucsdcpc.

Creating a new asset in QuickBooks Online is quick and easy. I'd be happy to show you how.

 

You can follow the steps below on how to create a new asset account in QuickBooks.

 

  1. Go to the Gear icon at the top, then choose Chart of Accounts.
  2. In the upper-right, select New.
  3. Under Account type, select Current assets.
  4. Click on the drop-down for Detail Type, and select the appropriate category.
  5. Enter the name of the account.
  6. Input the balance amount.
  7. Click on Save and Close.

 

When you transfer the purchase transaction back to the supplier, you can create an Expense or write a Cheque and post it the newly created asset account.

 

 

You may find these articles helpful:

 

For account-related discussion, feel free to reach out to our QuickBooks Online Support.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

If you have additional questions or concerns, post a reply. I'll be right here to assist you further.

View solution in original post

14 REPLIES 14
Highlighted
Moderator

Creating a new asset

Hello, ucsdcpc.

Creating a new asset in QuickBooks Online is quick and easy. I'd be happy to show you how.

 

You can follow the steps below on how to create a new asset account in QuickBooks.

 

  1. Go to the Gear icon at the top, then choose Chart of Accounts.
  2. In the upper-right, select New.
  3. Under Account type, select Current assets.
  4. Click on the drop-down for Detail Type, and select the appropriate category.
  5. Enter the name of the account.
  6. Input the balance amount.
  7. Click on Save and Close.

 

When you transfer the purchase transaction back to the supplier, you can create an Expense or write a Cheque and post it the newly created asset account.

 

 

You may find these articles helpful:

 

For account-related discussion, feel free to reach out to our QuickBooks Online Support.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

If you have additional questions or concerns, post a reply. I'll be right here to assist you further.

View solution in original post

Highlighted
Anonymous
Not applicable

Creating a new asset

Thanks - most helpful Chris
Highlighted
Moderator

Creating a new asset

I'm glad to hear this worked for you, ucsdcpc!

 

You know where to find me if you ever need help again in the future.

 

The Community is always in your corner. Have a good one!

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Level 1

Creating a new asset

Hi! I have just come across this article and it sounds like exactly my questions but I need this to work for UK quickbooks self-employed. When I click on the gear icon it gives me the option of bank accounts but there is no asset option? Thank you!

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QuickBooks Team

Creating a new asset

Hi Alice,

 

You are unable to create new accounts in the QuickBooks Self-Employed product, you will need to use one of the excisting categories on the transaction. 

 

Thanks

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Level 1

Creating a new asset

Thank you! Does that mean I am not able to record assets in quick books self employed? There isn't a category existing for assets?

Highlighted
QuickBooks Team

Creating a new asset

Hey Alice, I have checked this out and you are unable to enter assets on the QuickBooks Self-Employed. The self-employed product creates a template which can be used to fill in the self-assessment form (SA103F) but ony includes the boxes 15 - 47. There are however additional boxes on the full form with HMRC where you can enter an amount for assets. Please let us know if you have any further questions!

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Level 2

Creating a new asset

Just started in QB. I am recording the purchase (with credit card) of a Computer and a Raid Hard drive for my film company. I have set up Account Type > Tangible Asset. Detail Type > Machinery & Equipment  then 'Name'. Do I name this as the actual piece of machinery (a Apple Mac mini 3.6GHz) or some other name such as Computer or 'Depreciation'. New to this accounting and tracking depreciation of fixed assets so don't want to lose track of this. Any advice? 

Highlighted
Moderator

Creating a new asset

You're on the right track, @garry clarkson.

 

Depreciation is a separate name and account used other than your asset account. You can enter any name as long as you can identify it as your asset account. I suggest reaching out to your accountant for additional assistance.

 

You can always visit our Reports and Accounting articles for ideas in managing your account and other related tasks.

 

I'll be here if you need more help. Have a good one!

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Level 2

Creating a new asset

More than one asset account? i.e. computer, hard drive, car etc all as separate accounts or do I put all these in one account  'fixed assets'? That's my confusion. To itemise al these different assets. 

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QuickBooks Team

Creating a new asset

Hi garry clarkson,

 

Thanks for joining this thread - how you categorise the asset accounts is entirely up to you and how you wish to be able to view the breakdown when running the reports. You can create one one umberella account for all assets or create several itemised accounts for the individual assets. 

 

Thanks 

 

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Level 2

Creating a new asset

Thanks. Will look into how to itemise them so that the purchase date and order number etc is all traced through QB. trying to make it as integrated as possible. Although finding the initial terminology difficult. It is making sense much more to be able to see all the capital and revenue expenses and clients and products (as well as 'intangible' products - we licence video and photo material as well as providing services. So it can be quite complicated but I guess this sorts out tax liabilities and makes it as streamlined as possible. It's just initial set up which is a learning curve. Appreciate all your help. Only been trading one week but already have lots of income to work with. 

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Level 1

Creating a new asset

Is this still the case with QBSE?
Seems odd that your primary selling point is about being ready and easy for HMRC but now apparently we are missing a significant piece of the puzzle?

So what is the work around to label these transactions then?

Highlighted
QuickBooks Team

Creating a new asset

I can provide additional information about the category in QuickBooks Self-Employed (QBSE), userporibach.

 

QBSE matches the category to a line on your Schedule C every time you categorize a transaction. It also organises your income and expenses so you know what areas of your self-employed business have the biggest impact.

 

To ensure that transactions are reported correctly on Schedule C, I recommend consulting your accountant. He/She might have specific instructions on how to categorise those asset in QuickBooks.

 

You can read through this page: Schedule C and expense categories in QuickBooks Self-Employed. Then, proceed to Learn about Schedule C categories for additional information.

 

Stay in touch if need anything else. I'm always around here in the QuickBooks Community forum to help.