Question

New Fixed Asset Module

9 replies
39 views

Can anyone tell me how the new fixed asset module is any better than just holding the assets in excel ?

I wrongly assumed QB would post the depreciation journal each month but have now been told that is not the case.

QuickBooks Online

S

SirielJeaB

Moderator

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:

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.

S

Steve Orme1Author

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.

K

Kurt_M

QuickBooks Team

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:

Access your QuickBooks Online company.
On the top right-corner, click the Gear icon.
Select Feedback and then enter your comments or product suggestions.
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:

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.

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