Adding an existing fixed-asset (vehicle)

Hi there, Lisa619.

Welcome to the QuickBooks Community. I'll ensure you're able to record asset entries that are associated with Items include a company vehicle and equipment (tools).

There is a specific categorization for every entry in QuickBooks Online. Fixed Asset are the purchased items for long-term use. These are usually equipment, machinery, land, and cars. That said, you can enter company vehicle and equipment (tools) as a purchased asset in your QuickBooks Online. Before that, you'll have to create an asset account connected with the correct detailed type where the equipment will be posted. While doing this, I also recommend consulting an accountant for additional guidance on posting correct accounts or the right category of the entry. This way, you're able to make sure that your account stays accurate.

Here's how to create account: 

1. Go to the Gear icon at the top.
2. Under Your Company column, choose Chart of Accounts.
3. On the top right, select New.
4. From the Account type, select either Fixed Asset.
5. Select the detail type that best describes the asset (Vehicles and Equipment).
6. Name the account.
7. If you mark the Track depreciation of this asset box, the system will automatically create a Depreciation sub-account for the item.
8. Fill in the original cost fields.
9. Select Save and Close.

For additional information, you can refer to this article: Set up an asset account in QuickBooks Online.

After that, you can now create an expense and use the asset account you've made.

Please click this article on how to set up a particular account to manually track depreciation using journal entries: Depreciate assets in QuickBooks Online.

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

@Lisa619 

As an additional option, you may have an additional app to integrate with your QBO and manage your fixed asset and record the depreciation cost automatically.

When you create an expense for adding a fixed asset you had prior to using QuickBooks, what do you use for the Payment Account field ?

Hi buckeye44837,

You'll have to use the asset account you've created on the Payment account field.

Feel free to check this article as your guide:  Set up an asset account in QuickBooks Online.

You may also visit this link for detailed information on tracking depreciation:  Depreciate assets in QuickBooks Online.

I'll be around whenever you have concerns with QuickBooks.

Fixed assest of new leaf filter gutters. I created a new account. It shows up as fixed assest. I put zero as the balance but ahiuld I have put the loan amount? I have zero interwst for 48 months so I wasnt sure how to add it. Or what to do!

I've got all the information needed to record the loan amount in QuickBooks Online, Alund89.

First, you'll have to set up a liability account for the things you owe. Let me show you how:

1. Go to the Settings icon at the top.
2. Under Your Company, select Chart of Accounts.
3. Click New to create a new account.
4. From the Account Type dropdown, you can select Long-Term Liabilities.
5. From the Detail Type dropdown, select Notes Payable. You can also change the name to something more relevant to the loan.
6. Then determine the date you want to start tracking your account in the dropdown that says When do you want to start tracking your finances from this account in QuickBooks? In the Balance field, enter the amount in the account, and determine the as-of-date.
7. Click Save and close.

Next, you may want to put the received loan money into your bank account. You can do it by creating a Journal Entry. You can check this article for the detailed steps of Steps 2 & 3: Set up a loan in QuickBooks Online.

You may also consult with your accountant for further guidance and other options. 

Keep me posted if you have other questions about using QuickBooks to manage your loan and other business-related transactions. The Community and I are always here to help.

How would you do this for quickbooks online. Our owner uses his personal truck strictly for business. We want to add it it our fixed assets list but how would I go about that in quickbooks desktop?

thank you 

Thanks for joining the thread, @Longoriasbuilding. We'll help you add an item into your asset account inside QuickBooks Desktop (QBDT).

Before anything else, know we appreciate you taking the time to post here in the Community space. We'll gladly input the steps below to get you going:

1. Access your QuickBooks Desktop Company.
2. Go to the Lists menu.
3. Choose Fixed Asset Item List.
4. Enter the necessary details.
5. Once done, click the OK button.

Please see this page for more information: Use Fixed Asset Manager in QuickBooks Desktop.

If you're unsure of what asset account to use for the truck, you can reach out to your accountant. This way, they can guide you and ensure you're tracked accurately inside the program. In case you don't have an accountant, you can visit this page to get one: Find a QuickBooks ProAdvisor.

In case you also want to do it in QuickBooks Online (QBO), please be aware that the option is available in the Advanced subscription. If you're using the advanced version, please see this page for further guidelines: Add and manage fixed assets in QuickBooks Online Advanced.

Moreover, if you wish to run a report and add more details to it, feel free to visit these articles:

• Understand reports.
• Customize reports in QuickBooks Desktop.

We look forward to having you here again, @Longoriasbuilding. You can comment below if you have any additional QuickBooks-related concerns or need further assistance managing assets inside the program. Have a good one.

Hello,

i think my question was not very clear sorry. Our owner purchased and paid for in full for a truck prior to opening his business.  I believe it was recommended to add it to the fixed assets, but I am confused on how to do so if he purchased it with personal funds prior to opening the business. We are using quickbooks desktop. 

thank you 

Thanks for coming back. Let me help you record where your owner purchased and paid for a truck before opening his business in QuickBooks Desktop, Longoriasbuilding.

Since they purchased it with personal funds before opening the business, we can use a journal entry to record the business expenses using personal funds. You can follow these steps:

1. Go to the Company menu and select Make General Journal Entries.
2. Select the appropriate expense account in the first Account column.
3. In the Debit column, type in the amount of the transaction. You can select the customer from the Name drop-down.
4. Choose Owner’s Equity or Owner Investment in the second Account column.
5. Tap Save and Close.

Once done, let's create a check for reimbursement. Here's how:

1. From the Banking, click Write Checks.
2. Select the business bank account in the BANK ACCOUNT field.
3. Enter the necessary details. Go to the Expenses tab and enter the Partner's equity or Owner's equity in the ACCOUNT column.
4. Enter the amount you want to reimburse.
5. Tap Save & Close.

If you're unsure of what account you need to when creating the journal entry, please reach out to your accountant. They'll guide you and ensure you're tracked accurately inside the program. In case you don't have one, just visit this page to get one: Find a QuickBooks ProAdvisor.

Feel free to visit this page for more insights about managing your business in QuickBooks Desktop: QuickBooks Help Articles.

Please fill me in if there's anything else I can do to help you manage your business transactions. You can click the reply button below to add your response. Keep safe always!

Is a reimbursement check necessary?

Thank You,

Is a reimbursement check necessary?

Hello there, Longorias. From a business perspective, keeping track of your personal and business transactions is necessary to ensure proper tracking.

Meanwhile, it also depends on whether you want to receive reimbursement personally.

To ensure the accuracy of your financial records and obtain specific advice, I suggest consulting with your accountant. They can provide valuable insights and help you make informed financial decisions.

If you don't have one, you can find a professional through this link: https://quickbooks.intuit.com/find-an-accountant/.

Meanwhile, in QuickBooks Desktop, you can modify existing accounts or add new ones to better track your company's cash flow, including income, expenses, and outstanding balances.

You are welcome to connect with me again if you need further clarification regarding check reimbursement. I'm always here to lend a hand. I wish you all the best!

@Longoriasbuilding 

"Our owner purchased and paid for in full for a truck prior to opening his business. I believe it was recommended to add it to the fixed assets, but I am confused on how to do so if he purchased it with personal funds prior to opening the business."

Ignore the post from @RCV .  It looks like an AI-generated post.

Adding the truck as a fixed asset of the business shouldn't be done unless the truck is used 100% for business use.  It also depends on what type of business this is - sole proprietorship or S-Corp or ???  When an owner contributes personal property to a business, it should be recorded at fair market value (FMV) as of the day the vehicle is contributed to the business, not at cost (what the owner paid for it).  The FMV is entered as a fixed asset and is offset with an equal amount to the owner's equity account.  The journal entry to record this is a debit to the vehicle's fixed asset account and a credit to the owner's equity account at FMV.  If this is a sole proprietorship, use their 'Owner's Capital' or 'Owner's Contribution' equity account.  If this is an S-Corp, use their 'Shareholder Contributions' equity account.  It's a good idea to run a blue book value report so you have something to substantiate the value of the vehicle for your records.