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Best answer April 15, 2022
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Recording a fixed asset in QuickBooks Online (QBO) is easy, and I'm here to show you how, @simonshah.
You'll first have to create an asset account to track the current value and depreciation of your computer or the things that your company owns (i.e., land, vehicles, buildings, and machinery and equipment). Here's how:
- Go to the Accounting menu.
- Select Chart of Accounts.
- Click New.
- From the Account Type dropdown, select Tangible Assets.
- From the Detail Type dropdown, choose Machinery and equipment.
- Name the account.
- Select the Track depreciation of this asset checkbox.
- Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
- When you're done, select Save and Close.
Once you're done, you can record your computer's depreciation. QBO doesn't automatically depreciate fixed assets. You need to manually track it using journal entries instead.
With that being said, I'd recommend working with your accountant who knows the best methods for recording the depreciation of your assets. They'll also guide you with the appropriate account to use in managing your bank payment to the vendor.
For your complete guide in recording the depreciation of your purchased computer, please see this article: Depreciate assets in QuickBooks Online.
Also, to further guide you in managing your assets and the growth of your business using QBO, I'd recommend checking out one of our Help pages: QuickBooks Support. It includes topics about account management, banking, and expenses, to name a few. Click the + More topics button to view other selections.
Let me know in the comments if you have other concerns about fixed assets and recording depreciation in QBO. I'm always ready to help. Take care, and I wish you continued success, @simonshah.
Recording a fixed asset in QuickBooks Online (QBO) is easy, and I'm here to show you how, @simonshah.
You'll first have to create an asset account to track the current value and depreciation of your computer or the things that your company owns (i.e., land, vehicles, buildings, and machinery and equipment). Here's how:
- Go to the Accounting menu.
- Select Chart of Accounts.
- Click New.
- From the Account Type dropdown, select Tangible Assets.
- From the Detail Type dropdown, choose Machinery and equipment.
- Name the account.
- Select the Track depreciation of this asset checkbox.
- Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
- When you're done, select Save and Close.
Once you're done, you can record your computer's depreciation. QBO doesn't automatically depreciate fixed assets. You need to manually track it using journal entries instead.
With that being said, I'd recommend working with your accountant who knows the best methods for recording the depreciation of your assets. They'll also guide you with the appropriate account to use in managing your bank payment to the vendor.
For your complete guide in recording the depreciation of your purchased computer, please see this article: Depreciate assets in QuickBooks Online.
Also, to further guide you in managing your assets and the growth of your business using QBO, I'd recommend checking out one of our Help pages: QuickBooks Support. It includes topics about account management, banking, and expenses, to name a few. Click the + More topics button to view other selections.
Let me know in the comments if you have other concerns about fixed assets and recording depreciation in QBO. I'm always ready to help. Take care, and I wish you continued success, @simonshah.
As another option, consider having a 3rd party depreciation app to integrate with your QBO. It records your fixed assets when you purchase them and records journal entries automatically in your QBO referring to your settings. It costs GBP 15 peer month per QBO account.
I appreciate you for joining this thread. I'll outline the steps below to help you record a fixed asset in QuickBooks Online (QBO) with the new user interface.
Yes, you're right. We regularly upgrade the program's interface to streamline workflows and ensure the platform is more intuitive and efficient for users.
To record a fixed asset, you need to create an asset account to track its value and depreciation. Here are the updated steps:
- Go to the Gear icon and select Chart of Accounts.
- Click New.
- Enter the Account name, Account type, and Detail type.
- Provide other necessary information, then Save.
I recommend reaching out to your accountant for the specific account type to use.
Moreover, I'll share this article to gain insights into your company's financial aspects, especially your assets: Run reports in QuickBooks Online.
You can always open up to us regarding the new user interface. We'll actively respond to take care of your concerns. Have a good one.
You need to delete the original cost in the fixed assets account so it will not double the amount when entering the purchase transaction, sallypeter.
Let's go to the Chart of Accounts and delete the Opening Balance from there.
Here's how:
- Go to the Gear icon.
- Select Chart of Accounts under Your Company.
- Find the account and click Account history.
- Search the entry with Opening Balance on the Memo, select it, then click Delete.
- Click Yes to confirm.
Once done, create an expense transaction for this equipment. Then, only select the asset account under the Category details. For further information on how to record and edit your expenses, please visit this link: Enter and manage costs in QuickBooks Online.
Upon sharing the steps above, I suggest consulting with your accountant. They can provide the best practices for recording the transaction to keep your financial records accurate.
Additionally, I'll include this link to assist you in reconciling your accounts to consistently align with your bank and credit card statements: Reconcile an account in QuickBooks Online.
If you need help with recording purchase transactions or any QuickBooks concerns, I'm here to support you. Just let me know how I can assist.
