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Why do you have to create a new Fixed Asset GL account for every asset you purchase in order to track it? Is there a better way to track this without having to A) do it manually, and B) having 15 different Asset accounts?
Thanks for posting your concern here in Community, @ashleyapmachining. I'll provide some clarification about depreciation assets in QuickBooks Online (QBO).
QuickBooks Online (QBO) doesn't automatically depreciate fixed assets. You'll need to manually use journal entries to track depreciation asset accounts. You can also review this article from the IRS.
For the best advice on how you can record it, I recommend consulting your accountant. They can provide advice and help you regularly review how you track depreciation assets in QBO. If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area.
For more information about the process, please see this article: Depreciate assets in QuickBooks Online.
I'm also including this article to learn more about creating journal entries in QBO in the future: Create a journal entry in QuickBooks Online.
Please know that you can always get back to this thread if you have other questions or concerns about tracking depreciation in QBO. I'll keep an eye out for your response. Have a great day ahead!
Consider having a 3rd party app to track your fixed assets and entry the depreciation cost automatically.
A third party App? Do you have examples that I can look into?
The app developer is located in UK and it costs GBP 15/month to integrate with the first QBO account.
If you are interested to explore it, send a private message to us and we will introduce you directly to them.
I'm joining here to add additional info, @ashleyapmachining.
In addition to Fiat Lux - ASIA suggestion, you can also look for a third-party application within your QuickBooks Online (QBO) account. However, I can tell or recommend a specific app for you.
Here's how you can search for an app:
Another option, you can explore our App store. If you already found the right app, you can install or sync it to QuickBooks Online. Here's how:
You'll want to explore these articles to get additional information:
If you need anything else, just go back to this thread. We're all right here to help you. Stay safe and have a good one, ashleyapmachining.
You don't have to use QB to track individual FAs, but it's convenient. Some companies track depreciation of FAs individually outside of QB and make journal entries in QB that lumps together all the depreciation on individual FAs.
If you want to track FAs individually in QB, you need a separate account for each FA because different FAs depreciate over different schedules, but that's easy enough. All you need to do is set up each FA as a sub-account of fixed assets and an accumulated depreciation account for each FA as a sub-account of accumulated depreciation. When the FA is placed in service, set up a recurring transaction journal entry to debit the depreciation expense and credit the accumulated depreciation account for the FA. That way, you enter it once and don't need to touch it again until the FA is sold or disposed of. If you're unsure of the depreciation schedule, consult the business' CPA.
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