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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.
