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AY6
Level 1

Fixed Assets i

Hi, Can you please guide me how to add the Fixed Assets in Quick Books? And all things Loop with Fixed Assets like Depreciation, Booking Invoice & List of Fixed Assets.

Solved
Best answer February 15, 2021

Best Answers
Maybelle_S
QuickBooks Team

Fixed Assets i

Glad to have you here in the Community, @AY6.

 

I can help you add fixed assets in QuickBooks Online (QBO).

 

We'll have to create first an asset account in QBO. This where we track the current value and depreciation of your assets.

 

Here's how:

  1. Go to the Accounting menu, and then choose Chart of Accounts.
  2. Click New at the upper right corner.
  3. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.  
  4. In the Detail Type drop-down arrow, select the option that nearly describes the asset. 
  5. Enter the account name. 
  6. Put a checkmark beside Track depreciation of this asset checkbox. 
  7. Assign an Original Cost and enter the As Of date of the purchase.  
  8. Click Save and Close.

Once done, record the Asset by using a Journal entry. I'll guide you how:

 

  1. Go to the +New button.
  2. Under Other, select Journal entry.
  3. Set the Asset's purchase date as the Date of the entry. 
  4. On the first line select the Asset account then record the item and enter the purchased value as a Debit
  5. For the second line, use the same amount.
    • If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account.
    • If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date.
  6. Click Save and close

For additional information on this, I recommend checking the following articles:  

Also, here's a link for your reference on how to depreciate assets in QBO: Depreciate assets.

 

Keep me posted if you have other questions. I'm always here to help. Have a great day!

View solution in original post

3 Comments
Maybelle_S
QuickBooks Team

Fixed Assets i

Glad to have you here in the Community, @AY6.

 

I can help you add fixed assets in QuickBooks Online (QBO).

 

We'll have to create first an asset account in QBO. This where we track the current value and depreciation of your assets.

 

Here's how:

  1. Go to the Accounting menu, and then choose Chart of Accounts.
  2. Click New at the upper right corner.
  3. From the Account Type drop-down arrow, choose Fixed Asset or Other Assets.  
  4. In the Detail Type drop-down arrow, select the option that nearly describes the asset. 
  5. Enter the account name. 
  6. Put a checkmark beside Track depreciation of this asset checkbox. 
  7. Assign an Original Cost and enter the As Of date of the purchase.  
  8. Click Save and Close.

Once done, record the Asset by using a Journal entry. I'll guide you how:

 

  1. Go to the +New button.
  2. Under Other, select Journal entry.
  3. Set the Asset's purchase date as the Date of the entry. 
  4. On the first line select the Asset account then record the item and enter the purchased value as a Debit
  5. For the second line, use the same amount.
    • If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account.
    • If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date.
  6. Click Save and close

For additional information on this, I recommend checking the following articles:  

Also, here's a link for your reference on how to depreciate assets in QBO: Depreciate assets.

 

Keep me posted if you have other questions. I'm always here to help. Have a great day!

View solution in original post

Maybelle_S
QuickBooks Team

Fixed Assets i

Hi, AY6.

 

Hope you’re doing great. I wanted to see how everything is going about adding the fixed asset account you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

 

Looking forward to your reply. Have a pleasant day ahead!

AY6
Level 1

Fixed Assets i

Hello, 

 

Thank you for help, appreciate the efforts 🌷

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