record replacement of Fixed Asset item and it's expense

Hello there, @KimVA. I'll gladly help you to record the replacement fixed asset item and its expenses. 

You'll have to record the purchase of the replacement computer using a credit card to keep track of this expense in QuickBooks Desktop. You can follow the steps below:

1. 1. Go to the Banking menu, then select Enter Credit Card Charges.
   2. Select the credit card account from the Credit Card ▼ dropdown.
   3. Select the vendor from the Purchased From ▼ dropdown, then choose the date.
   4. Select the Expenses, then select the appropriate fixed asset account you use to track transactions.
   5. Fill in the other necessary information.
   6. Once done, click on Save & Close.
      
      

Moreover, you might want to visit this link for future reference to track all your fixed assets: Use Fixed Asset Manager in QuickBooks Desktop.

We'll be here if you need further assistance or clarification while working on the process. Just post your concerns below, and we'll take care of them. Have a great day!

Did not work. I cannot select a credit card account for "write checks". I selected banking menu and enter credit card charge; but when I did the JE it put charge on credit card account twice.

I appreciate the steps you've taken to record the fixed asset item and its expenses, KimVA. Let me assist you further.

If you tried to enter the credit card change in QuickBooks Desktop (QBDT), you don't have to create a Journal Entry (JE) because it will result in a double entry on the credit card side, which could explain why the amount in your credit card account appears twice in your JE. Thus, you can delete the created JE to avoid double transactions. 

You can refer to this material to learn more about credit card accounts: Set up, use, and pay credit card accounts. 

If you want to view your financial reports and gain insights into your business performance, you can learn how to customize company and financial reports.

We're always around if you need our assistance. Just hit the reply button for more concerns. Stay safe.

Thanks everyone.  I think my question in simplest form was really "If I buy a replacement asset do I need transactions to put the value in the fixed asset account as well as an entry to account for the expense of buying it.  My research finds just enter in Fixed Asset account, depreciation expense will account for expense over time. So I enter as credit card charge and use computer fixed asset account as expense account in the transaction.  this puts value in fixed asset account and the charge on the credit card.  Year end depreciation will account for expense of purchase. Hope I'm right!

Hello, KimVA.

We in the Community are extremely happy to your insights about the Fixed Asset Item. I suggest to reaching out to your accountant to ask for further help about this.

If you need tips and resources to manage your QuickBooks Online accounts, feel free to visit our Support page to learn more. This provides information to help your navigation experience be more effective.

Keep us posted if you have other questions or concerns. I’m here to help you out. Take care and have a great day!