New Fixed Asset Module

The new fixed asset module in QuickBooks Online (QBO) offers several advantages over holding assets in Excel, Steve.

It's user-friendly and intuitive, with built-in automation and customization options that can save you time and effort. QuickBooks automatically creates the depreciation schedule and automatically posts depreciation entries on the 1st day of each month.

Hence, it provides a centralized and organized system for managing your fixed assets, making it easier to track depreciation. 

Check out this reference on handling fixed assets within the program: Add and manage fixed assets in QuickBooks Online Advanced.

I also recommend you work with your accountant for guidance and accurate record-keeping.

You'll want to know the financial status of your business. Read these articles:

• Run reports in QuickBooks Online
• Customise reports in QuickBooks Online 

Notify me by replying below if you need further assistance streamlining your asset management tasks. I'm available 24/7 to help you. Keep safe.

Thanks for your reply but Excel holds data in one place.

I spent a day loading the assets into QB from excel only to find out QB does not even post the monthly depreciation journal. Therefore it is easier for me to keep the assets in excel.

This really is not an improvement to QB, I would not recommend anyone to use it.

We appreciate you joining us here in the thread, Steve.

Before we dig deeper into your query, know it isn't the experience we want you to have when using QuickBooks Online (QBO). We see the importance of having the option to post monthly depreciation journals, and it would be a great feature to be added for future program updates. That said, it's best to send your suggestion to our Product Development Team so they can evaluate it and consider it for the next application update. We'll gladly write down the steps to get you going:

1. Access your QuickBooks Online company.
2. On the top right-corner, click the Gear icon.
3. Select Feedback and then enter your comments or product suggestions.
4. Once ready, click Next to submit feedback.

In addition, here are some articles to learn more about what data can be imported inside the program and how you can add more details to your report:

• Common questions about importing data to QuickBooks Online.
• Run reports in QuickBooks Online.

The Community team is always around to help you if you have any additional QuickBooks-related questions or need assistance importing data into the program. Feel free to drop by anytime. Stay safe.

Hello, I would love to try this out but I don't seem to have it, has it fully rolled out? I am on my accountant version and can't find it anywhere. It's also the same for one of my client's who is on advanced. 

Hello, @EllieForevergreen.Welcome to the Community page, Steve. Let me show you the steps on how to set up assets in QuickBooks Online.

If you need to create an asset account to track your land, here's how:

1. Go to Settings ⚙, then select Chart of Accounts.
2. Select New.
3. From the Account Type ▼ dropdown, select Tangible Assets.
4. From the Detail Type ▼ dropdown, select the option that closely describes the asset.
5. Name the account, then select the Track depreciation of this asset checkbox.
6. Enter the current value of your asset in the Original cost field and the as-of-date. If recording the loan, leave this blank.
7. Press the Save and Close.

Furthermore, you can also consider getting some advice from your accountant about the depreciation and keeping books accurate and expense accounts to use. Do you want to have one? Visit this article: The ProAdvisor Program.

For future reference, read these extra modules about how to manage accounts in QBO.

• Set up an asset account in QuickBooks Online.
• Make an account inactive on your chart of accounts in QuickBooks Online.

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

Hello, thanks for the speedy reply!

Thanks for explaining how to set up Fixed Assets in the CoA. This is different to the new fixed asset module though isn't it? I was referring to not being able to find the module.

I want to ensure you can create a fixed asset, EllieForevergreen.

In QuickBooks Online (QBO), the new Fixed Asset Module or Advanced accounting tab is only available in the Advanced and Accountant version. Let's double-check your account and see what subscription you have.

Here's how:

1. Go to the Gear icon.
2. Under Profile, select Subscription and Billing.
3. From there, you'll see your QuickBooks version.

If everything is correct, let's perform basic troubleshooting steps. You may have accumulated too much historical data. Whenever you visit a website, it saves some information from the web page in its cache and cookies. These files allow the websites you visit most often to load faster. Not to worry, clearing them will do the trick.

First, let's try accessing your account through an incognito window to rule out the possibility of a webpage issue. You can refer to these shortcut keys to open an incognito window in all supported browsers:

• Chrome: Ctrl + Shift + N
• Firefox: Ctrl + Shift + P
• Safari: Command + Shift + N

Once done, locate the Advanced Accounting tab again. If it works, switch back to your regular browser. Then, clear its cache. This way, you can access QuickBooks with a clean slate. You can also use a different supported one.

For more information, check this link: Add and manage fixed assets.

However, if you're using the lower versions, you can follow the steps given by my colleague above to make an asset account.

Furthermore, you can consider getting advice from your accountant about the depreciation and keeping books accurate and expense accounts to use. Do you want to have one? Visit this article: The ProAdvisor Program.

Additionally, you can visit this page to learn how to make an account inactive on your chart of accounts.

If there's anything you want to achieve or need further help creating an asset account, I'll be here to support you. Please let me know by adding your response below.

Hello, 

I am able to create a Fixed Asset via the Chart of Accounts.

I'm currently using the Accountant version of QuickBooks and have followed your suggestion to check in incognito mode, but I still don't have access to the Advanced Accounting tab. I'm unsure why this module is unavailable to me. Could you please provide further assistance, or should I open a support ticket?

We appreciate your efforts in performing the troubleshooting steps, Ellie. I'll share some details about the Advanced accounting tab.

In QuickBooks Online (QBO) Accountant, you can find this tab on the left panel. Ensure you tick the box for Advanced accounting to see it in your menu. Just click the pencil icon beside YOUR BOOKS to customize what appears. I'll add visual references below.

 

 

After checking, and you're still unable to access the said option, I recommend contacting our Contact Support Team so they can look further into your account and provide a resolution.

Lastly, I'll drop this resource to guide you on which default or special accounts can be edited, deleted, or merged in QBO:  Manage default and special accounts in your QuickBooks Online chart of accounts.

This thread's still open. Hit the reply button below if you require further assistance managing your fixed assets or customizing your menu. Have a nice day!