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March 4, 2024
Question

New Fixed Asset Module

  • March 4, 2024
  • 1 reply
  • 6 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.

1 reply

Moderator
March 4, 2024

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.

March 28, 2024

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. 

April 2, 2024

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?