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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 07-18-2019

Accepted Solutions
Moderator

Re: 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

7 REPLIES 7
Moderator

Re: 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

Anonymous
Not applicable

Re: Creating a new asset

Thanks - most helpful Chris
Moderator

Re: 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!

Level 1

Re: 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!

QuickBooks Team

Re: 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

Level 1

Re: 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?

QuickBooks Team

Re: 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!