Fixed Asset Manager in QBO Advanced

Hi there,

I'm here to help you utilize the Fixed Asset Manager in QuickBooks Online (QBO) Advanced to help track your business assets.

Before anything else, I'd like to ensure we're on the same page about inactivating the Fixed Asset Manager. Any further details would help me give the most accurate resolution to your concern.

In QBO Advanced, you can only dispose of and delete assets. The disposal option allows you to record the disposal of a fixed asset and calculate any gain or loss from its sale. Using this option means that the asset is no longer being used for generating income and has either been sold or scrapped. On the other hand, the delete option completely removes it from the fixed assets list along with its related transactions. This option is suitable for accidentally added assets. It's important to note that once you dispose of an asset, you can no longer edit or restore it. Similarly, once you delete a fixed asset, you can't retrieve it. Therefore, I recommend using these options with caution.

Here's how to use the Disposal option:

1. On the left navigation panel, hover on Advanced accounting.
2. Click Fixed assets.
3. Locate the asset you want to dispose of and select the Action dropdown.
4. Press Dispose.
5. Manually post the required journal entries to record the disposal of your asset, such as clearing out the asset and its accumulated depreciation from the balance sheet, recording proceeds from the sale, and reflecting any resulting gain or loss in the income statement.

If you ever need to delete an asset, here's how:

1. On the left navigation panel, hover on Advanced accounting.
2. Click Fixed assets.
3. Locate the asset you want to dispose of and select the Action dropdown.
4. Press Delete.
5. Confirm that you want to permanently delete the asset.

For further guidance on managing fixed assets in QuickBooks, you can refer to this article: Add and manage fixed assets.

Additionally, you can run reports to obtain a list of your fixed assets and a summary of their depreciation details.

Should you have any other concerns about managing your assets in QuickBooks, please feel free to return to this post. I'm here to assist you.

Thank you AnneMariee,

My boss wants us to eliminate the Program all together. She is very disappointed that each and every fixed asset (we have hundreds) has an individual depreciation journal entry automated in the GL, which makes the GL unreasonably huge. She has other concerns, also, and want the Program deleted. Do I have to physically delete each individual fixed asset that I recorded in the Fixed Asset Manager? Or can I inactivate the Fixed Asset Manager Program Module? I truly appreciate your assistance. Thank you

Thank you SashaMC,

That appeared to be the only solution I could see. Thank you for confirming that. I appreciate your assistance.

Thank you for taking the time to post here in Community space, MaryLou.
 

We're glad that the posted recommendation of my colleague SashaMC is of help.
 

If you require further assistance working on specific tasks in QuickBooks, we're here to assist you at any time. Have a great day ahead!

Hello -

Is there a way to edit the automated journal entry description? It defaults to the last journal entry which has nothing to do with depreciation. It wouldn't be a problem if there was one journal entry to edit, but since it creates an entry for each asset, this would be a lot of manual updates to edit each description. Thanks!

Thanks for joining this thread, SBGP.

You can find journal entries in your Chart of accounts if you need to make edits to them.

Here's how:
 

1. Use the Gear icon, then go to Chart of accounts.
2. Find an account and click its View register option.
3. Use your Filter icon, then choose which filters you want to apply. You can use the Find field to search by amount, reference number, or memo.
4. Hit Apply.
5. Find and choose a transaction to expand your view.
6. Make any necessary changes.
7. If an area you need to edit is grayed-out, press Edit. This will open the full transaction from where you can make additional edits.
8. Select Save or Save and close.

I've also included a detailed resource about working with transactions which may come in handy moving forward: Find, review, & edit transactions in account registers

If there's any additional questions, I'm just a post away. Have an awesome Thursday!