I'm here to share some details about the Fixed Asset disposal date, @spirani, and provide a workaround you can use.
This is working as designed. This feature is a built-in feature to ensure compliance with standard accounting practices and prevent inconsistencies in financial reporting. Backdating the disposal of a fixed asset in QuickBooks Online (QBO) is restricted to a window of 30 days before the current date.
To account for a fixed asset disposal date beyond the 30-day allowable timeframe, you should create a Journal Entry (JE). This allows you to manually adjust your accounts and accurately reflect the transaction. I recommend seeking an accountant's help to adhere to all accounting standards.
- Go to +New and select Journal entry.
- Choose the accounts you need to debit and credit in the ACCOUNT column dropdown.
- Input the amounts in the DEBITS and CREDITS columns.
- Fill in the necessary details.
- Ensure to enter the necessary information in the memo section to know what the JE is for.
- Once done, click Save and close.
Additionally, you can memorize your reports to save your current customizations.
Let me know if you have other concerns with managing your fixed asset in QBO. I'm here to help you.
