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Highlighted
Level 2

fixed asset item list

Hello, I am working with a client that has been using QuickBooks online for a few years.  They are in a growth mode and have been purchasing quite a few depreciable assets. We talked about creating a way to track the details of the purchases: date, serial nos., cost, depreciation schedule...   

 

I have used QuickBooks desktop for years and am very familiar with the fixed asset item list in QBdesktop.  Does something similar exist for QBonline?  I have searched but cannot find anything.

 

I thank you in advance for your response.

Susan H.  

Solved
Best answer March 04, 2020

Best Answers
Highlighted
QuickBooks Team

fixed asset item list

Hello, @568SKH

 

Thank you for reaching out to the Community.  

 

Currently, the fixed asset item list is unavailable in QuickBooks.  You can record and manually track it by using Journal entry. Though, you need to set up an asset account to trace the present value of your resources or the stuff that your company owns. 

 

Let me show you how: 

 

  1. Click Setting ⚙, then choose Chart of Account
  2. Tap New. 
  3. Under the Account Type, drop-down arrow, choose Fixed Asset or Other Assets.  
  4. Under then Detail Type drop-down arrow,select the option nearly describe the asset. 
  5. Name the account, then select the Track depreciation of this asset checkbox. 
  6. Assign an Original Cost and enter the As Of date of the purchase.  
  7. Tap Save and close

COA.PNG

 COA1.PNG

 

COA2.PNG  

 

Then Record the Asset by using Journal entry:

 

  1. Click +New, then choose Journal entry
  2. Set the Asset's purchase date as the Date of the entry. 
  3. On the first line select the Asset account then record the item and enter the purchased value as a Debit
  4. For the second line, using the same amount: 

         * If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account. 

         * If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date. 

      5. Click Save and close

 

COA3.PNG

 COA4.PNG

 

For additional information on this, I recommend the following articles:  

 

 

Let me know if you need more assistance with this. I'll be around to further help you. Have a great day!

View solution in original post

Highlighted
Level 15

fixed asset item list

As stated there is no fixed asset list in QBO, and in desktop it is just a memo area, any entry in the desktop fixed asset list does not affect the accounting at all.

 

I would suggest when you build the fixed asset list in the chart of accounts you use a parent and sub accounts, something like this. If you do it this way, the parent account can be collapsed on the balance sheet rather than wasting all that space and paper (if it is printed).

Fixed Assets
>> item one
>> >> cost
>> >> >> accum. depreciation
>> item two
>> >>

etc etc

View solution in original post

2 Comments
Highlighted
QuickBooks Team

fixed asset item list

Hello, @568SKH

 

Thank you for reaching out to the Community.  

 

Currently, the fixed asset item list is unavailable in QuickBooks.  You can record and manually track it by using Journal entry. Though, you need to set up an asset account to trace the present value of your resources or the stuff that your company owns. 

 

Let me show you how: 

 

  1. Click Setting ⚙, then choose Chart of Account
  2. Tap New. 
  3. Under the Account Type, drop-down arrow, choose Fixed Asset or Other Assets.  
  4. Under then Detail Type drop-down arrow,select the option nearly describe the asset. 
  5. Name the account, then select the Track depreciation of this asset checkbox. 
  6. Assign an Original Cost and enter the As Of date of the purchase.  
  7. Tap Save and close

COA.PNG

 COA1.PNG

 

COA2.PNG  

 

Then Record the Asset by using Journal entry:

 

  1. Click +New, then choose Journal entry
  2. Set the Asset's purchase date as the Date of the entry. 
  3. On the first line select the Asset account then record the item and enter the purchased value as a Debit
  4. For the second line, using the same amount: 

         * If the Asset's purchase needs to be recorded in your Bank Registers for historical reconciliations or any other reason, Credit the Bank Account. 

         * If the Asset's purchase won't be listed in your books, Credit the Opening Balance Equity account, representing an Asset that was brought into the company on the book's starting date. 

      5. Click Save and close

 

COA3.PNG

 COA4.PNG

 

For additional information on this, I recommend the following articles:  

 

 

Let me know if you need more assistance with this. I'll be around to further help you. Have a great day!

View solution in original post

Highlighted
Level 15

fixed asset item list

As stated there is no fixed asset list in QBO, and in desktop it is just a memo area, any entry in the desktop fixed asset list does not affect the accounting at all.

 

I would suggest when you build the fixed asset list in the chart of accounts you use a parent and sub accounts, something like this. If you do it this way, the parent account can be collapsed on the balance sheet rather than wasting all that space and paper (if it is printed).

Fixed Assets
>> item one
>> >> cost
>> >> >> accum. depreciation
>> item two
>> >>

etc etc

View solution in original post

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