Website Purchase as Fixed Asset

I am not sure what you are referring to, but whatever it is, is not a fixed asset.  More explanation would help as to what you are talking about

@CKIM1993 

As @Rustler  mentioned, this is not a fixed asset. If you purchased a domain/website and you want to record that, this is an intangible asset.  Intangible assets are generally subject to capitalization under Section 197 and amortized (depreciation of an intangible asset) over a 15-year period:

Create an 'intangible asset' asset account, an 'accumulated amortization' asset account and an 'amortization expense' expense account. 

Record the purchase of the website by assigning the intangible asset account to the check written for the purchase in QBO or create a journal entry: debit intangible asset, credit cash.

Each period (month/year), record the amortization expense by creating a journal entry: debit amortization expense, credit accumulated amortization.

Thank you!

would treatment be the same if the purchases are for creation of website (data production, content, art design) rather than purchase of website already published? This is very helpful, I really appreciate it.

Hello,

The company made purchases related to creation of the website. To be more specific, contractors were paid for data, content and art design. The business is e-commerce. I am hoping to get clarification as to how to record these purchases in QuickBooks Online. Thank you.

Hello,

The company made purchases related to creation of the website. To be more specific, contractors were paid for data, content and art design. The business is e-commerce. I am hoping to get clarification as to how to record these purchases in QuickBooks Online. Thank you.

Thanks for joining us here in the thread, @CKIM1193. I'll share some details about your concern, along with the steps on how to record your purchases in QuickBooks Online (QBO).

To record these purchases, you can create a non-inventory item for each service that the contractors have rendered to you. Create a separate non-inventory item for data, content, and art design. Then proceed to creating a bill to pay your contractors. To start, these are the steps:

1. Go to Get paid & pay and select Products and services.
2. Select New and then choose Non-inventory.
3. Add a name. If you track SKUs. enter a SKU for the product.
4. From the Category ▼ dropdown, select the category that best describes your product or service. Learn more about items categories.
5. In the Sales information section, enter a description. This is what your customers will see on their sales form.
6. Enter an amount in the Sales price/rate field. A reminder, if you charge a variable rate for services, you can leave the Sales prices/rate data field blank. Add the price when you fill out the invoice or Sales receipt.
7. Select the Income account ▼dropdown and the account you want to use to track the sale.
8. When you're done, select Save and Close.
   
   

For more information about how to add products into your QBO account, refer to this article: Add product and service items to QuickBooks Online.

When you're ready, you can proceed to create a bill or expense and then add those non-inventory items that you've created. For the steps, you can refer to this article: Enter bills and record bill payments in QuickBooks Online.

In case you're unsure with the steps that I've mentioned above, you can consider consulting your accountant about this. This way, they can provide you with the best possible advice to record your transactions.

Additionally, since you've mentioned that your business is e-commerce. You might want to consider integrating it into your QuickBooks Online account so you can easily keep track of your business. You can visit this page to see the pricing.

If there's anything that you'd like me to help you with, know that I'm just a click away. I'll be more than happy to assist you and make your QuickBooks experience great. Keep safe and more power to your business!