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!

Hello, 

Thank you for help, appreciate the efforts 🌷

I need to enter fixed assets in Quickbooks Desktop Pro Pluss 22 that have a zero balance (have already been paid but are a fixed asset to the company? 

I need to enter fixed assets in Quickbooks Desktop Pro Pluss 22 that have a zero balance (have already been paid but are a fixed asset to the company? 

I'm here to help you record fixed assets in your QuickBooks Desktop account, @Eharper.

First, we have to create an asset account to track the current and depreciation of your assets.

Here's how:

1. Go to the Accountant tab, and then choose Chart of Accounts.
2. From the Account dropdown, choose New.
3. From the Add New account: Choose Account Type page, and choose Fixed Asset (major purchases).
4. Click Continue.
5. From the Add New Account page, enter the necessary details. 
6. In the Detail Type drop-down arrow, select the option that nearly describes the asset.
7. Enter the account name.
8. Click Save and Close.

Once done, you can record the asset through Journal entry.

Here's how:

1. Go to the Company menu and select Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
3. Select Save or Save & Close.

Also, you may find these articles helpful:

• Manage fixed assets using Fixed Asset Manager (FAM).
• Set up Fixed Asset Manager (FAM).
• Use Fixed Asset Manager in QuickBooks Desktop.

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

How do I then account for depreciating these assets & clearing the opening balance equity?

Note: Just moved to QB 1/2023 Trying to get my previously purchased and depreciated (2021-2022) assets to reflect accurately on Balance Sheet

Hi, this is very helpful. Thank you. I have one question about this process. Would you include the sales tax paid at the time of purchase of the asset in the debit line of the of this journal entry? Or should the sales tax paid be entered as a separate journal entry? Any help you can provide on this would be appreciated. Thanks.

I do not get an option to track the depreciation of the asset? I'm on quickbooks online 

I believe QuickBooks online does not have this feature at all

Hey there, @megan_coda.

I can see how it's beneficial for you to track the current and depreciation of your assets in QuickBooks Online (QBO).

Upon meticulously reviewing my resources, I see that you're correct, that there's no feature in QBO that can track it. I'd recommend sending a feature request to our Product Development Team. This way, they'll see your suggestion and consider adding it for future program updates.

To get you going, I'll write down the steps below.

1. Access your QuickBooks Online company.
2. On the top right corner, click the Gear icon.
3. Below the Profile column, select Send Feedback.
4. Enter a brief description of your feature request.
5. Once you're ready, press Send.

Furthermore, I'll share this article with you, after you set up your asset, you can record their depreciation manually: Depreciate assets in QuickBooks Online.

I'm delighted to have you here today. You can leave a comment below if you need help managing your assets or accounts in QBO. I'll be here, ready to help you. Take care!

Thanks but there is no point raising a new (basic) feature - you can't even match international currency bills in the banking screen in QBO - issue was raised over 3 years ago and no action 

It seems they took off this option from setting Account panel recently, I used to track the depreciation of my Machinery & Equipment, they gave me the option to add the original cost and Depreciation value, and date, and They generated the Journal Entry for you after add all the data. Now It seem we have to do it Manually.  

Followed the above instructions the asset doubled in value.

Hi there, qwerty14. I appreciate you for performing the steps provided by my colleague. Let's ensure your fixed assets are recorded properly in QuickBooks Online.

Before anything else, I recommend consulting an accountant when recording your assets in QuickBooks to guarantee accurate asset recording. An accountant can also review your books for any errors or duplicates.

To address the issue of the asset doubling in value, it's essential to review the created journal entries to ensure that the correct accounts have been credited and debited accurately. Specifically, ensure that you credit a bank account or opening balance equity when making adjustments. If you need assistance, consider seeking guidance from an accountant. If you don't have one, you can use our accountant tool to locate a nearby professional.

For further information, you can check out this article on managing fixed assets in QuickBooks: Add and manage fixed assets.

You can also refer to this guide on generating reports to get an overview of your business's assets and liabilities: Run reports.

Feel free to drop by the Community again if you need further assistance managing your assets and other product-related concerns, qwerty14. We're always ready to provide the guidance you need.