Hi there, Phyllis. Yes, we designed QuickBooks Online (QBO) to help you manage your equipment by tracking it as a fixed asset. This allows you to move beyond simple expense tracking and accurately reflect your business's value on your Balance Sheet (B/S).
If you’re using QBO Simple Start, Essentials, or Plus, you'll want to manually record your assets and depreciation. These guides will walk you through the process:
However, if you’re on QBO Advanced, its dedicated Fixed Assets feature can help you automate the process. You can add individual laptops and printers, and the system will automatically calculate and post depreciation for you. This ensures your equipment's value remains accurate for tax purposes and financial reporting, eliminating the need for manual calculations.
On the other hand, please note that while QuickBooks is excellent for financial records, it isn't a dedicated hardware management system. If your primary goal is operational tracking, such as assigning specific laptops to employees, tracking physical locations, or managing maintenance schedules, I recommend checking the QuickBooks App Store for third-party asset management apps that sync directly with QuickBooks.
If you’d like a second pair of eyes on your setup, our QuickBooks Live Expert Assisted team is ready to jump in. They can help categorize your equipment and ensure those automated calculations are dialled in perfectly.
Please let me know if you have any further questions on this or anything else.
