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Set up an asset account in QuickBooks Online

by Intuit Updated 2 days ago

Learn how to set up an asset account in QuickBooks Online.

In QuickBooks Online, you can create an asset account to track the current value and depreciation of your assets. Depreciation refers to the decrease in value of your assets over time. This includes land, vehicles, buildings, machinery, and equipment.

Note: To calculate the depreciation of your asset, we recommend you work with your accountant.

Step 1: Check to see if you already have an asset account

To avoid duplicates, make sure you don’t already have an asset account in your chart of accounts.

  1. Go to Settings ⚙, then select Chart of accounts (Take me there).
  2. In the Filter by name or number field, enter depreciation.
  3. In the Name column, find Depreciation.
  4. In the Account Type column, find Other Expense
  5. In the Detail Type column, find Depreciation.
    Note: If there’s an account that matches the description, your asset account is already set up. You no longer need to create one. Otherwise, you can create an asset account if no account appears.

Step 2: Set up an asset account

Set up an asset account if you don’t see one in your chart of accounts. Here’s how:

  1. Go to Settings ⚙, then select Chart of accounts (Take me there).
  2. Select New.
  3. In the Account name field, enter the name of the account.
  4. In the Account type ▼ dropdown, select Fixed Assets or Other Assets.
  5. In the Detail type ▼ dropdown, select the option that closely describes the asset.
  6. In the Opening balance field, enter the opening balance amount. Then, select the starting date in the Date field.
    Note: The opening balance can be $0.
  7. Select Save.
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