Greetings, all!! Newbie here...
If I'm understanding QBO correctly, if I want to track an asset in QBO I would need to set up a separate GL account (and maybe a separate accum depr account as well) for each asset. HOWEVER...
From what I've been able to determine, QBO does not actually calculate & record depreciation; it needs to be handled vie a Journal Entry. SO....
IF this is all true, wouldn't it be more "economical" from the COA perspective to simply keep a spreadsheet by FA account of all the assets in any particular category? I'm not a fan of "specific" GL accounts; I think that gets messy over time.
Your thoughts and experiences are appreciated.
By the way, I understand that many assets below a certain dollar threshold can be expensed for tax purposes, but I like to show some assets on the Balance Sheet for presentation purposes. Also, there are Business Personal Property Tax ("BPP") issues which, if we're going to be lawful, requires that we report many items that are quite less than the IRS expensing threshold. I track these items on a spreadsheet as well with a cross-reference to the GL account in which the item was recorded.
